Business Daily from THE HINDU group of publications
Wednesday, Dec 13, 2006
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Business Daily from THE HINDU group of publications Wednesday, Dec 13, 2006 ePaper |
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Corporate
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Dividend Announcement NCL Ind to pay 5 pc final dividend Our Bureau
Hyderabad , Dec. 12 NCL Industries Ltd has announced the final dividend of 5 per cent on equity shares, while confirming the interim dividend of 10 per cent already paid for the financial year 2005-06. The company has informed the BSE that the members at the 25th annual general meeting held on December 9, passed several resolutions, which included increasing borrowing limits from Rs 100 crore to Rs 350 crore u/s 293 (1)(d) of the Companies Act While giving its approval of accounts for the year ended March 31, 2006, the AGM also gave permission u/s 293(1)(a) for mortgage of fixed assets to banks/institutions for term loans/cc limits sanctioned. The re-election of Mr K Jayabharath Reddy and Mr M. Kanna Reddy the retiring Directors, re-appointment of the retiring Statutory Auditors and increasing the managerial remuneration to the Managing Director for the balance tenure of his appointment, and appointment of Mr P.N. Raju & Mr S.S. Raju as Directors and Executive Directors (earlier they were appointed as Additional directors, up to AGM), were other resolutions that got the nod. Meanwhile, shareholders of the company, in a separate meeting, approved the proposal for the scheme of amalgamation of NCL Energy Ltd with the company u/s 391 and 394 of the Companies Act, effective April 1, 2005. The un-secured creditors of the company in their meeting also on the same day approved the scheme.
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