Garden Silk declares dividend for year ended June 30
19 Nov '07
3 min read
8. Authority to the Board for borrowings from time to time, any sum or sums of monies in any manner as may be required for the purposes of the businesses of the Company, with or without security and upon such terms and conditions as they may deem fit, notwithstanding that, the money or sums of monies to be borrowed together with the monies already borrowed by the Company (apart from temporary loans obtained or to be obtained time to time from the Company's bankers in the ordinary course of business), may exceed the aggregate of the paid up capital of the Company and its free reserves, that is to say, reserves not set apart for any specific purpose, provided that the total amount so borrowed by the Board and remaining outstanding on account of principle shall not, at any one time, exceed the sum of Rs 1500 crores (Rupees One Thousand Five Hundred crores), subject to necessary provisions & approvals.
9. Payment of remuneration to every Director not being Managing / Wholetime Director(s) for a period of 5 (five) years starting from the financial year ending on June 30, 2008, on terms & conditions.
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