(iii) Appointment of Mr. Tirupathi Kumar, as Whole-time Director (Operations) of the Company for a period of five years w.e.f. August 17, 2007, on remuneration terms and conditions.
7. Payment of remuneration to Mrs. Champa Devi, Mrs. Ritu Devi & Mrs. Shivani Devi, who are relatives of the directors of the Company in the ensuing financial years of the Company.
8. Pursuant to the provisions of Sections 78, 100 to 104 and all other applicable provisions of the Companies Act, 1956 and enabling provisions in the Memorandum and Articles of Association of the Company, and subject to the confirmation, of the jurisdictional High Court / Tribunal and / or any other regulatory authority as may be prescribed under the Companies Act, 1956 or under any other Statute and other concerned authorities.
If any, and such other approvals, permissions and sanctions, as may be necessary and subject to such conditions, modifications, as may be prescribed or imposed by any of tile aforementioned authorities while granting such approvals, permissions and sanctions, which may be agreed to by the Board of Directors of the Company, an amount of Rs 17,52,09,000/- being the credit balance lying in the Securities Premium Account of the Company as at April 01, 2007 and an amount of Rs 4,28,92,000/- by reducing the existing paid up capital of the Company from Rs 19,22,82,380/ to Rs 14,93,90,380/- be utilized to adjust in full the amount of Rs 21,81,01,000/- standing to the debit of "Profit and Loss Account" which is the brought forward losses as it stood in the books of the Company as at April 01, 2007, subject to necessary provisions & approvals.
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