Jindal Poly Films AGM outcome

Jindal Poly Films Ltd has informed that the members at the 33rd Annual General Meeting (AGM) of the Company held on September 29, 2007, inter alia, have accorded to the following:

1. Adoption of Audited Balance Sheet as at March 31, 2007, Profit & Loss Account for the year ended on that date together with the Report of the Board of directors and Auditors thereon.

2. Payment of dividend on 20% (Rs 2/ - per share) on the 28095880 fully paid up Equity Shares of Rs 10/- each of the Company for the financial year 2006-07.

3. Re-appointment of Shri. A C Wadhawan, Shri. R Jilani, Shri. P Gupta and Shri. S Banerjee as Directors of the Company, liable to retire by rotation.

5. Appointment of M/s. Kanodia Sanyal & Associates, Chartered Accountants, as Auditors of the Company for a period commencing from the conclusion of this meeting upto the conclusion of the next Annual General Meeting, on remuneration, terms & condition.

6. Authority to Board to mortgage on second charge basis of all of its immovable properties situated at Nasik (Maharashtra) & Gulaothi (U.P.) in favour of Punjab National Bank (PNB), State Bank of India (SBI), State Bank of Patiala (SBOP), AXIS Bank Ltd, (formerly UTI Bank Ltd) (AXIS), The Bank of Nova Scotia (BNS) and ABN Amro Bank (ABN) (PNB Consortium) to secure working capital facilities / limits as under:

a. Fund based limits of Rs 2800 Lacs and non fund based limits of Rs 6000 Lacs sanctioned by PNB.

b. Fund based limits of Rs 1200 Lacs and non fund based limits of Rs 650 lacs sanctioned by SBI.

c. Fund based limits of Rs 1750 Lacs and non fund based limits of Rs 3500 lacs sanctioned by SBOP.

d. Fund based limits of Rs 1000 Laos and non fund based limits of Rs 1000 Lacs sanctioned by AXIS.

e. Fund based limits of Rs 750 Lacs and non fund based limits of Rs 1850 lacs sanctioned by BNS.

f. Fund based limits of Rs 500 Lacs and non fund based limits of Rs 1000 lacs sanctioned by ABN.

together with interest, costs, charges, expenses and other money payable by the Company to PNB Consortium in terms of the Working Capital Consortium Agreement entered into by the Company in respect of the aforesaid working capital facilities / limits, subject to necessary provisions.