Videocon Appliances - Outcome of Board Meeting
Videocon Appliances Ltd has informed BSE that the Board of Directors of the Company at its meeting held on February 09, 2008, inter alia, has approved the following:
1. To alter the “Main Objects” Clause of Memorandum of Association of the Company by inserting additional clause relating to providing, executing, implementing, hiring, working as EPC Contractors, Providing turnkey services for Industrial activities and manufacturing, trading of all kinds of machineries, components, engineering equipments, etc.
2. To change the name of the Company from “Videocon Appliances Ltd” to “VALUE INDUSTRIES LTD”, subject to necessary approvals.
3. To authorise the Board of Directors of the Company to make investment, extend guarantees, provide securities, give inter corporate loans exceeding the limits specified under Section 372A of the Companies Act, 1956.
4. To authorise the Board of Directors of the Company to sell, lease, mortgage or
otherwise dispose off the whole or substantially the whole of under taking of a Company upto an amount of Rs 10,000 Crores, as specified under sub-clause (a) of sub-sec (1) of Section 293 of the Companies Act, 1956.
5. To authorise the Board of Directors of the Company to borrow funds upto an amount of Rs 10,000 Crores, in terms of the provision of Section 293(1) (d) of the Companies Act, 1956.
6. To alter the Articles of Association of the Company via., Provisions regarding sitting fees paid to the Board of Directors of the Company etc.
The Board has proposed to transact all the aforesaid resolutions by Postal Ballot in
terms o the provisions of Section 192A of the Companies Act, 1956 read with The Companies
(Passing of the Resolution by Postal Ballot) Rules, 2001. Accordingly, the Board appointed Mr. Sheetal Kumar Dak, Company Secretary in Whole-Time Practice as Scrutinizer for conducting the Postal Ballot.
The Board has also approved the draft of notice seeking approval of the members through Voting by Postal Ballot.
Tags: Videocon Appliances