SSI Ltd has informed BSE that the members at the 16th Annual General Meeting (AGM) of the Company held on March 29, 2008, inter alia, have accorded the following:
1. Adoption of the Balance Sheet as at September 30, 2007 and Profit & Loss Account for the year ended on that date and the Reports thereon.
2. Re-appointment of Mr. R Nagarajan & Mr. N S Kumar as Directors of the Company.
3. Appointment of M/s. Price Waterhouse, Chartered Accountants, as the Auditors of the Company to hold office from the conclusion of this Annual General Meeting until the conclusion of the next Annual General Meeting of the Company in place of M/s. CNGSN & Associates Chartered Accountant, the Statutory Auditors of the Company, on such remuneration, terms & conditions.
4. Appointment of Mr. Prasad V Potluri, Mr. R Ramaraj & Mr. M Ramprasad as Directors of the Company, liable to retire by rotation.
5. Appointment of Mr. Prasad V Potluri as Chairman & Managing Director of the Company for a period of three years with effect from December 04, 2007 to December 03, 2010, on remunerations, terms & conditions.
6. Alternation of existing clause 74 of the Articles of Association of the Company.
7. Increase the sitting fees payable to the Non-Executive Directors for attending the Meeting of the Board of Directors or the Audit Committee or the Remuneration Committee Meeting.
8. Authority to the Board to borrow, from time to time, such sum or sums of money and without prejudice to the generality thereof by way of Debentures (whether fully, partly and / or optionally convertible),loans, advances, credits, acceptance of deposits or otherwise from any bank(s) or financial institution(s) or Company(ies) or Corporation(s) or firm(s) or other person(s) and whether by way of mortgage, charge, hypothecation, pledge or otherwise in any way or whatsoever on, over or in respect of all or any of the Company?s assets, effects, and properties including uncalled capital, stock-in-trade (including raw materials, stores, parts and components in stock or in transit), book debts and receivables as it may consider fit for the, purpose of the business of the Company which together with the monies already borrowed by the Company (apart from temporary loans obtained or to be obtained from the Company?s bankers in the ordinary course of business) may exceed the aggregate, for the time being, of the paid up capital of the Company and its free reserves (that is to say reserves not set apart for any specific purpose), provided that the aggregate of the monies borrowed and to be so borrowed and outstanding at any one time shall not exceed Rs 3000 Crores (Rupees Three Thousand Crores Only), subject to necessary provisions & approvals.
9. Authority to the Board to mortgage and / or charge all or any of the present and future movable and immovable properties and the whole or substantially the whole the undertaking of the Company, in such form and manner as the Board of Directors may deem fit, for the purpose of securing the borrowing or financial assistance, without prejudice to the generality thereof by way of Debentures (whether fully, partly and / or optionally convertible), loans, advances, credits, acceptance of deposits or otherwise from any bank(s) or financial institution(s) or Company(ies) or Corporation(s) or firm(s) or other person(s) together with interest, costs, charges, expenses, and all other monies payable by the Company to the concerned lenders, and also to enter into a joint venture / joint development arrangement with any person(s) and / or Company(ies) for development and sale of the real estate assets of the Company, upto a value of and within the overall borrowing limit of Rs 3000 Crores (Rupees Three Thousand Crores Only), subject to necessary provisions & approvals.