Khaitan Chemicals recommends 18% dividend

Khaitan Chemicals & Fertilizers Ltd has announced that the members at the 24th Annual General Meeting (AGM) of the Company held on July 31, 2006, inter alia, have accorded to the following:

1. Adoption of the Audited Balance Sheet as at March 31, 2006 and Profit and loss account for the year ended on that date together with the Report of Auditors and Directors´ thereon.

2. Declaration of Equity Share dividend @ 18% on equity shares of Rs 10/- each fully paid up i.e., Rs 1.80 per fully paid equity shares for the year ended March 31, 2006.

3. Re-appointment of Shri J L Jajoo as Director of the Company, liable to retire by rotation.

4. Appointment of M/s S S Kothari Mehta & Co., Chartered Accountants, New Delhi, as Auditors of the Company to hold office until conclusion of next Annual General Meeting of the Company, on remuneration, terms & conditions.

5. Commencement of business to carry on business of generation, distribution, selling purchasing self consumption of electricity and power, generated by any mode such as windmill, gas base plant, steam base plant or any other mode whatsoever used in generation of power, as set out in the other objects No. 32 of the Memorandum of Association of the Company, subject to necessary provisions & approvals.

6. Authority to Board to issue, offer and allot, in the course of an international offering to eligible foreign investors (whether or not such investors are members of the Company), by way of circulation of an offering circular or prospectus or by way of private placement, Foreign Currency Convertible Bonds / Global Depository Receipts / American Depository Receipts in the aggregate amount of not exceeding Rs 1,00,00,00,000/- (inclusive of such premium as may be determined by the Board) in one or more tranche or tranches (Securities), to be subscribed in foreign currency, which, at the option of the holders of the Securities may be converted into equity shares of the Company, such issue and allotment to be made in one or more tranche or tranches, on such terms and conditions as may be decided and deemed appropriate by the authorized persons of the Board at the time of issue or allotment, subject to necessary provisions & approvals.

Source : Equity Bulls

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