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Varun Industries Ltd has informed BSE that members of the Company by way of Postal Ballot Form have passed the following Special Resolutions, by special majority : 1. Making investments and/or granting loans to and/or giving guarantee or providing any security in connection with the loans made by any banks/financial institutions/any other entities to bodies corporate including the Company’s present direct and step-down subsidiaries or any subsidiaries that the Company may incorporate in future or any Joint Ventures which the Company has entered or may enter into, subject to an overall limit of 200% of the paid-up capital and free reserves or 200% of the free reserves of the Company, whichever is higher; and 2. Continuation of the guarantee of Rs, 12 crore furnished by the Company in favour of UCO bank, as a security for the working capital facilities availed of from that Bank by K. K. Enterprises, up to the date of the repayment of the principal loan amount, interest and other amounts, or five years w.e.f. July 09, 2011, whichever is earlier.
Source : BSE - >www.bseindia.com
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