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R Systems Announce the outcome of its Annual General Meeting
Noida,
May 02, 2008: The shareholders of R Systems International
Limited at the annual general meeting held on May 02, 2008
at FICCI Auditorium, Tansen Marg, New Delhi - 110 001 have
approved all the items on the agenda of the meeting as stated
below
- Adopted the audited balance
sheet as at December 31, 2007 and the profit and loss
account for the year ended on that date together with
the reports of auditors and directors thereon;
- Declared the final dividend
of Rs. 1.80 per equity share on 13,582,706 equity shares
of Rs. 10 each for the year ended December 31, 2007 to
all those members who hold shares of the Company as on
April 24, 2008;
- Reappointed Mr. David Richard
Sanchez as the Director of the Company pursuant to Section
256 of the Companies Act, 1956;
- Reappointed Mr. Gurbax Singh
Bhasin, as the Director of the Company pursuant to Section
256 of the Companies Act, 1956;
- Reappointed and fixed the remuneration
of M/s. S.R. Batliboi & Associates, Chartered Accountants,
as the statutory auditors of the Company for the financial
year 2008 to hold office till the conclusion of the next
annual general meeting;
- Approved the reappointment and
payment of remuneration to Lt. Gen. Baldev Singh (Retd.)
as President and Senior Executive Director of the Company
pursuant to Section 198, 269 read with Schedule XIII,
309, 311 and other applicable provisions of the Companies
Act, 1956 by special resolution;
- Reconfirmed the remuneration
payable to Mr. Raj Swaminathan for the remaining terms
of his present appointment as Director and Chief Operating
Officer of the Company pursuant to Section 198, 269 read
with Schedule XIII, 309 and other applicable provisions
of the Companies Act, 1956 by special resolution;
- Approved the modification in the terms of employment
and increase in the remuneration payable to Mr. Satinder
Singh Rekhi as Chairman and Managing Director of the Company
pursuant to Section 198, 268, 269 read with Schedule XIII,
309, 310 and other applicable provisions of the Companies
Act, 1956 by special resolution;
- Approved the reappointment and
remuneration of Mr. Sartaj Singh Rekhi as the Executive
Manager of R Systems, Inc. a wholly owned subsidiary of
R Systems International Limited pursuant to Sub Section
(1) of Section 314 and other applicable provisions of
the Companies Act, 1956 by special resolution;
- Approved the reallocation of
the funds requirement as stated in the prospectus and
subsequently revised by making an intra head adjustment
as given below, within the specified objects and utilisation
of the balance amount of issue proceeds up to December
31, 2010 pursuant to Section 61 and other applicable provisions
of the Companies Act, 1956 by special resolution.
| |
(Rs. in lacs) |
| S. No. |
Objects |
Original |
Revised
01.05.2007 |
Re-Allocation |
Post
Allocation |
| 1. |
Upgrading and expansion
of existing infrastructure
|
3,150.00 |
3,265.43 |
(965.50) |
2,299.93
|
| 2. |
Repayment of outstanding
loans
|
365.50 |
365.50 |
- |
365.50
|
| 3. |
Financing general working
capital requirements
|
1,795.10
|
1,795.10 |
- |
1,795.10 |
| 4. |
General corporate purposes
|
621.90 |
617.52 |
973.08 |
1,590.60 |
| 5. |
Meeting offer expenses
|
1,130.00
|
1,018.95 |
(7.58)
|
1,011.37 |
| |
Total |
7,062.50 |
7,062.50 |
- |
7,062.50 |
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For further information please contact:
Nand Sardana (Tel No. 0120 - 430
3506)
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