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Sakthi Finance announced that the Board of Directors of the Company at its meeting held on 09 August 2014, inter alia, has considered and approved the following:
1. The following proposals, subject to the approval of members at the ensuing Annual General Meeting:
a. Recommending appointment of A. Shanmugasundaram, S. Ragothaman, Dr. A. Selvakumar and P. S. Gopalakrishnan as Independent Directors (ID) of the Company for a term of five (5) consecutive years commencing from 27 September 2014.
b. Acceptance of Secured Redeemable Non-convertible Debentures (SRNCDs), Sub-ordinated Bonds and other Debt Securities on private placement basis within the overall borrowing powers of the Company.
c. Acceptance of Redeemable Cumulative Preference Shares for an amount not exceeding Rs. 20 crore on private placement basis.
2. Convening of 57th Annual General Meeting of the members of the Company on September 27, 2014 at Padmavathi Ammal Cultural Centre, 1548, Avanashi Road, Peelamedu, Coimbatore - 641 004.
3. Voluntary Delisting of Equity Shares from Madras Stock Exchange Limited (MSE) at the request of MSE.
4. As required under Clause 21 of the Listing Agreement, the Company will pay the Dividend on Equity Shares after 27 September 2014 but within the stipulated time.
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