Aurobindo Pharma Ltd has informed BSE that the Board of Directors of the Company at its meeting held on June 18, 2008, inter alia, has recommended dividend of 65% (Rs 3.25 per share of Rs 5/- each) on its equity share capital of the Company for the year 2007-08 subject to approval of members at the ensuing Annual General Meeting.
Aurobindo Pharma Ltd has informed BSE that the Company will announce and publish the Audited Financial Results of the Company for the year ended March 31, 2008 on or before June 30, 2008. Consequently, the Company will not be publishing the Un-Audited Financial Results for the quarter ended March 31, 2008.
Aurobindo Pharma Ltd has informed BSE that the members of the Company will consider to approve by way of Postal Ballot to alter in the Articles of Association of the Company by insertion of the following new Article 5A after the existing Article 5.
“5A - Subject to the provisions of Sections 77A, 77AA and 77B of the Act and Securities and Exchange Board of India (Buy-back of Securities) Regulations, 1998 (”Regulations”) as may be in force at any time and from time to time, the Company may acquire / purchase any of its own Shares and arty other Securities as may be specified under the Act, Rules and Regulations from time to time and may make payment thereof out of funds at its disposal or in any manner as may be permissible or in respect of such acquisition / purchase on such terms and conditions and at such time or times in one or more installments as the Board may at its discretion decide and deem fit. Such Shares which are so bought back by the Company may be extinguished and destroyed as may be permitted under the Act or the Regulations as may prevail at the relevant time subject to such terms and conditions as may be decided by the Board.”
The Board of Directors has appointed Mr. P Jagannatham partner of M/s. Puttaparthi Jagannatham & Co, Company Secretaries as the Scrutinizer (the Scrutinizer) for conducting this Postal Ballot voting process in a fair and transparent manner.
The duly completed postal ballot form should reach the scrutinizer before the closing of working hours on or before May 07, 2008. The Scrutinizer will submit his report to the Chairman after completion of the scrutinizer and the results of the postal ballot will be announced or after May 08, 2008.
Aurobindo Pharma Ltd has informed BSE that a Resolution was passed by the Board by Circulation on March 25, 2008 to conduct a Postal Ballot to seek approval of the Shareholders of the Company by a Special Resolution in terms of Section 31 of the Companies Act, 1956 to amend the Articles of Association by inserting buy-back provision, which empowers the Company to purchase / buy-back its own shares or other securities and enables the Company to utilize the provision of buy-back of Shares / Securities, if it is required in future.
Mr. P Jagannatham of Puttaparthi Jagannatham & Co., Company Secretaries, Hyderabad, has been appointed as the Scrutinizer for the Postal Ballot process. The Notice of Postal Ballot has been issued to the Shareholders for their approval. The last date for receipt of the Postal Ballot Forms is fixed as May 07, 2008 and the date of Declaration of the Result is fixed as May 08, 2008.
Aurobindo Pharma Ltd has informed BSE that in the limited review report of the Company for the quarter ended December 31, 2007, the Auditors of the Company have made the following observations:
“Without qualifying their opinion, the Auditors draw attention to the non-provision of premium for the quarter amounting to Rs 228,307,605 and Rs 687,454,487 respectively payable on 255,500 Zero Coupon Foreign Currency Convertible Bonds of USD 1000 each issued by the Company. The cumulative amount of premium as at December 31, 2007 is Rs 1,609,584,319. Management is of the view that the liability to pay premium on redemption is contingent and the ultimate outcome of the matter cannot be presently determined. Accordingly, no provision for the above liability that may result in future, has been made in the accompanying statement of unaudited financial results”.