IFCI AGM Update

IFCI Ltd has informed that the members at the 14th Annual General Meeting (AGM) of the Company held on September 21, 2007, inter alia, have accorded to the following:

1. Adoption of the Balance Sheet of the Company as at March 31, 2007, and the Profit & Loss Account for the financial year ended March 31, 2007, together with the Directors Report and Auditors Report thereon.

2. Re-appointment of Shri. Thomas Mathew T as a Director of the Company, liable to retire by rotation.

3. The vacancy caused by retirement by rotation of Prof. I M Pandey, a Director, at this Annual General Meeting be not filled up.

4. Appointment of M/s. Ray & Ray, Chartered Accountants, as Auditors of the Company from the conclusion of this Annual General Meeting until the conclusion of the Annual General Meeting of the Company, on remuneration, terms & conditions.

5. a. Appointment of Shri. PG Muralidharan, Prof. Shobit Mahajan & Shri. Atul Kumar Rai, as Directors of the Company, liable to retire by rotation.

b. Appointment of Shri. Atul Kumar Rai as Whole Time Director w.e.f. June 01, 2007 and redesignated as Managing Director w.e.f. July 11, 2007 upto May 31, 2012 of the Company on remuneration, terms & conditions.

6. Accorded for investment by Foreign Institutional Investors including their Securities and Exchange Board of India (SEBI) approved sub-accounts ("FIIs"), in the equity shares, by acquiring the equity shares from Company or purchasing the same from the market under the Portfolio Investment Scheme under FEMA subject to the condition that the total holding of all FIIs put together shall not exceed 74% of the paid up equity share capital of the Company, subject to necessary provisions & approvals.

7. The proposal for the appointment of Shri. Shri Suresh Kumar Goyal as a director of the Company was put to vote and on show of hands was rejected by overwhelming majority.