Gujarat State Petronet - GSPL

Gujarat State Petronet Ltd has informed that the shareholders at the 9th Annual General Meeting (AGM) of the Company held on September 21, 2007, inter alia, have accorded to the following:

1. Adoption of Audited Profit and Loss Account of the Company for the financial year ended March 31, 2007 and Audited Balance Sheet as on that date and Report of Auditors' and Directors' thereon along with the Report of Comptroller and Auditor General of India.

2. Declaration of Dividend for the financial year ended 2006-07 @ 5% (i.e. 0.50 Paise per share) on 54,29,04,518 shares of the Company.

3. Re-appointment of Mr. H K Dash, IAS & Mr. N J Jhaveri, IAS as directors of the Company.

4. Fixing the remuneration of statutory auditors of the company for the financial year 2007-08.

5. Appointment of Mr. D Rajagopalan, IAS as Chairman cum Director of the Company, liable to retire by rotation.

6. Appointment of Mr. V L Joshi, IAS, Mr. Tapan Ray, IAS & Mr. N Venkiteswaran, as Directors of the Company, liable to retire by rotation.

7. Preferential Issue up to 22,000,000 equity shares to International Finance Corporation (IFC), Washington DC, on preferential basis, at a price of Rs 57.29/- per equity share.

8. Amendment in Article of Association.

9. Ratified and Approved Pre-IPO ESOP Scheme 2005 of the Company.

10. Increase in Borrowing Limit of the Company u/s 293(1)(d) of the Companies Act 1956.