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Other announcement of ABC Bearings Ltd - Miserji Research Team

ABC Bearings Ltd has informed BSE that the members at the 50th Annual General Meeting (NYSE:AGM) of the Company held on July 29, 2011, inter alia, have accorded to the following: 1. Adoption of the Audited Balance Sheet as at March 31, 2011 and the Profit and Loss Account for the year ended March 31, 2011 and the Directors? Report and Auditors? Report thereon. 2. Declaration of Dividend @ Rs. 6/- per equity share on 1,15,50,000 Equity Shares of Rs. 10/- each for distribution out of the Profit for the year ended March 31, 2011. 3. Re-appointment of Mr. S. K. Diwanji & Mr. S. M. Patel as the Directors of the Company. 4. Appointment of M/s. Parikh & Shah, Chartered Accountants, as the auditors of the Company to hold office from the conclusion of this meeting upto the conclusion of the next Annual General Meeting of the Company, on remuneration, terms & conditions. 5. Appointment of Mr. S. M. Patel as the Executive Chairman of the Company for a period of five years with effect from May 02, 2011, on remuneration, terms & conditions. 6. Appointment of Mr. P. M. Patel as the Managing Director of the Company for a period of five years with effect from August 01, 2011, on remuneration, terms & conditions. 7. Authority to the Board of Directors of the Company for borrowing moneys from time to time for purpose of the business of the Company notwithstanding that the money or moneys to be borrowed together with the moneys already borrowed by the Company (apart from temporary loans obtained from the Company?s bankers in the ordinary course of business) 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, however that the total amount upto which moneys may be borrowed shall not at any time exceed a sum of 500 crores (Rupees Five Hundred crores only). 8. Authority to the Board of Directors of the Company to create mortgages / charges / in any manner whatsoever on all or any of the immovable and movable properties of the Company, present and future, of the whole or substantially the whole of the undertaking of the Company, ranking pari-passu or otherwise and/or second and/or subservient and/or subordinate to the mortgages / charges / hypothecation already created or to be created in future by the Company for securing any loans and/or advances and/or guarantees and/or any financial assistance obtained or may be obtained from Financial Institutions, Banks or machinery suppliers and/or any other persons or institutions providing finance for purchase of assets and/or for the business of the Company or for working capital or for purchase of specific items of machinery and equipments under any deferred payment scheme or bills discounting scheme or in favour of trustees for Debenture holders / Bondholders / FCCB holders that may be appointed hereafter, as security for the Debentures / Bonds / FCCBs that may be issued by the Company, with power to take over the management, business and concern thereof in certain events of default, on such terms and conditions and at such times and in such form and manner as the Board of Directors may deem fit, so that the total outstanding amount at any time so secured shall not exceed the aggregate of the amounts consented by the Company by the Resolution passed at this me pursuant to Section 293(1)(d) of the Companies Act, 1956 i.e. 500 crores together with interest hereon and further interest, if any, cost; charges, expenses, remuneration payable to the trustees and all other monies payable by the Company.