Ashok Leyland recommends 120% dividend

Ashok Leyland Ltd has announced that the members at the 57th Annual General Meeting (AGM) of the Company held on August 01, 2006, inter alia, have also accorded to the following:

1. Adoption of Audited Balance Sheet of the company as at March 31, 2006 and the Profit & Loss Account for the year ended on that date annexed thereto and the reports of the Directors and Auditors attached thereto.

2. Declaration of the dividend at the rate of 120% (i.e. Rs 1.20 per equity share of Re 1/- each) on paid up share capital of the Company for the year ended March 31, 2006.

3. Re-appointment of Mr S R Krishnaswamy & Mr R J Shahaney as Directors of the Company.

4. Appointment of Messrs M S Krishnaswami & Rajan, Chartered Accountants, Chennai, & Messers Deloitte Haskins & Sells, Chartered Accountants as Auditors of the Company to hold office from the conclusion of this Annual General Meeting till the conclusion of the next Annual General Meeting, on remuneration, terms & condition.

5. Authority to the Board to offer, issue and allot in the course of international offerings to Foreign Institutions, foreign investors, collaborators, Non-Resident Indians, corporate bodies, mutual funds, banks, insurance companies, pension funds or others, whether shareholders of the Company or not, through a public issue and / or on a private placement basis, equity shares and / or equity shares in the form of Global Depository Receipts (GDRs) and / or securities convertible into equity shares and / or securities linked to equity shares and / or securities with or without detachable share warrants, and / or Foreign Currency Convertible Notes (FCCNs) and / or Bonds with Share Warrants attached (Securities), secured or unsecured so however, that the total amount raised through the aforesaid Securities should not exceed USD 150 million, or its equivalent in any currency, of incremental funds for the Company, subject to necessary provisions & approvals.

Further the Company has informed that Mr F J Colon Martinez and Mr S V Young have ceased to be Directors of the Company, on the expiry of their terms of office and are not seeking reappointment, hence have not been reappointed. The Board does not propose to fill up the vacancy now.

Source : Equity Bulls

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