Valecha Engineering declares 30% dividend

Valecha Engineering Ltd has announced that the members at the 29th Annual General Meeting (AGM) of the Company held on August 24, 2006, inter alia, have passed the following resolutions:

1. Adoption of Profit & Loss Account and Balance Sheet for the year ended March 31, 2006.

2. Declaration of dividend at the rate of 30%.

3. Re-appointment of Mr Anil Harish, Mr G Ramachandran and Mr I Syam Prasad as Directors by rotation.

4. Re-appointment of Auditors.

5. Increase of Borrowing limits pursuant to section 293(l)(d) of the Companies Act, 1956 upto Rs 3000 million.

6. Creation of charges / mortgages and hypothecation pursuant to section 293(1)(a) of the Companies Act, 1956 upto Rs 3000 million.

7. Further raising of finds through GDR/ADR/FCCB or any other permitted instrument.

8. Appointment of Mr Arvind Thakkar as Director.

9. Increase of FIIs limit up to 49%.

10. Amendment in Articles of Association.

11. Commission to Non-Executive Directors.

Source : Equity Bulls

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