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IOL Chemicals And Pharmaceuticals Limited, Punjab

IOL Chemicals And Pharmaceuticals Limited, Punjab

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28th September 2017
PROCEEDINGS OF THE 30TH ANNUAL GENERAL MEETING OF THE COMPANY HELD ON 28 SEPTEMBER 2017

The 30th Annual General Meeting of the Company was held on Thursday, 28 September 2017 at 11:00 AM – 12:15 PM at the Registered Office of the Company: Trident Complex, Raikot Road, Barnala-148101. In accordance with the provisions of Article 98 of Articles of Association of the Company, Dr M A Zahir, Chairman of the Board took the Chair of the meeting. The Chairman welcomed the members and declared that the quorum was present and called the meeting to order and conducted the proceedings of the meeting. The Chairman briefed the members on the performance and future plans of the Company. A copy of the Chairman’s speech was also circulated to the members present in the meeting. The company had provided a facility to the Members to vote electronically (“remote e-voting”) from 24 September 2017 to 27 September 2017. The Company has also arranged venue e-voting for the members present in the meeting who could not exercise their voting through remote e-voting. The following item of business as set out in the Notice convening the AGM were put for members approval: 1. Adoption of the audited financial statements of the Company for the financial year ended 31 March 2017 and the reports of the Board of Directors and Auditors thereon. 2. Re-appointment of Mr Vijay Garg (holding DIN 06510248) as director of the Company, who retires by rotation and being eligible offered himself for re-appointment. 3. Re-appointment of Mr Vikas Gupta (holding DIN 07198109) as director of the Company, who retires by rotation and being eligible offered himself for re-appointment. 4. Ratify the appointment of M/s S C Vasudeva & Co., Chartered Accountants, New Delhi, as statutory auditor of the Company to hold office till the conclusion of thirty first annual general meeting of the Company on such remuneration as may be fixed by the Board of Directors of the Company. 5. Increase the remuneration of Mr Varinder Gupta, Managing Director of the Company consisting of basic salary of Rupees eight lakh per month and other allowances as given in the notice with effect from 1 April 2017 for remaining period of his tenure that is upto 31 August 2018. 6. Increase of the gross remuneration of Mr Vijay Garg, Joint Managing Director of the Company consisting of basic salary of Rupees five lakh eighty thousand per month and other allowances as given in the notice with effect from 01 April 2017 for remaining period of his tenure that is upto 01 March 2019. 7. Increase of the gross remuneration of Mr Vikas Gupta, Executive Director of the Company consisting of basic salary of Rupees two lakh per month and other allowances as given in the notice with effect from 01 April 2017 for remaining period of his tenure that is upto 28 May 2020. 8. Increase of the gross remuneration of Mr Vijay Singla, Director ( Works) of the Company consisting of basic salary of Rupees two lakh sixty thousand per month and other allowances as given in the notice with effect from 01 April 2017 upto 27 May 2017. 9. Approval of the remuneration of Rupees one lakh twenty thousand plus GST and out of pocket expenses to M/s Ramanath Iyer & Co., Cost Accountants, New Delhi, cost auditor for the financial year ending 31 March 2018. The Chairman informed the members that Mr Vinay Kohli, partner K K Kapoor and Associates, Chartered Accountants, was appointed as scrutinizer to conduct the remote e-voting and venue e-voting. The result of evoting shall be disseminated to the Stock Exchanges and will also be displayed on the website of CDSL and Company’s website at www.iolcp.com. Thereafter, Chairman thanked the members and others for attending the Annual General Meeting of the Company. The Scrutinizer submitted his report on 28 September 2017. As per Scrutinizer’s report all the resolutions set out in the notice calling the meeting have been passed with requisite majority and are deemed to be passed on the date of Annual General Meeting i.e. 28 September 2017.






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