Subex Azure Board recommends 20% final dividend

Subex Azure Ltd has announced that the Board of Directors of the Company at its meeting held on April 30, 2007, inter alia, has decided the following:

1. Recommendation of final dividend @ 20% on the paid-up Equity Share capital of the Company for the financial year 2006-07.

2. Pursuant to the provisions of Section 81 (1A) and all other applicable provisions of the Companies Act, 1956 (including any statutory modification(s) or re-enactment thereof, for the time being in force) and pursuant to the provisions of Chapter XIII of the Securities and Exchange Board of India (Disclosure and Investor Protection) Guidelines 2000 (SEBI (DIP) Guidelines), issue of Warrants to the Promoters /Promoter Group upto a maximum of 1,800,000 (1.8 Million only) share warrants to Subex Holdings Pvt Ltd and 430,000 (0.43 Million only) share warrants to Mr. Sudeesh Yezhuvath, subject to shareholders’ approval. The Board has also approved calling an Extra Ordinary General Meeting for the approval of the aforesaid issue of share warrants on July 04, 2007. The relevant date for the purpose of determining the price for Share Warrants as aforesaid would be 30 days prior to the date of Extra Ordinary General Meeting to be held on July 04, 2007 under the Chapter XIII of the Securities and Exchange Board of India (Disclosure and Investor Protection) Guidelines 2000 (SEBI (DIP) Guidelines).

3. Subject to the approval of the members, re-appointment of Deloitte Haskins & Sells, as the Statutory Auditors of the Company for the financial year 2007-08.

4. Subject to the approval of the members, re-appointment of Mr. V Balaji Bhat and Mr. K Balachandran as the directors of the Company, who are retiring by rotation at the ensuing Annual General Meeting.

5. Subject to the approval of the members, re-appointment of Mr. Subash Menon as a Chairman & Managing Director of the Company from October 01, 2007 for another term of 5 years.

6. Subject to the approval of the members, varying the terms of appointment and remuneration of Mr. Sudeesh Yezhuvath, Whole time director of the Company.

Source : Equity Bulls

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