Query regarding the AGM Minutes.

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Guest

Guest (Querist)

11 May 2010 Query regarding the AGM Minutes.

I may expect the Experts to make the necessary correction (especially the last paragraph) in the following so as to utilise in future :

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ITEM NO...... DECLARATION OF DIVIDEND.

The matter concerning the Declaration of Dividend was placed before the Shareholders for their consideration and approval.

In this respect, Mr. A (Shareholder) proposed the resolution and Mr. B (Shareholder) seconded that the following resolution to be passed as an ordinary resolution :

“Resolved that pursuant to the recommendations made by the Board of Directors of the Company, a dividend at the rate of Re.1/- per equity share to the equity shareholders of the company, whose name appear in the Register of Members as on closing of 30th September, 2009 be and is hereby declared out of the current year profits of the Company for the year ended on 31st March, 2009.”

The resolution was passed unanimously.

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Thanks for your views.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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11 May 2010 Sir
Pl see another specimen given below.

"RESOLVED that the dividend as recommended by the Board of Directors for the year ended 31st March ,2009 at the rate of Re.1/- per share on the equity capital of the company be and is hereby declared ,out of current year's profit of the company ,for payment to those shareholders whose name appeared as on 30th September,2009 on the Register of Members of the Company".

Guest

Guest (Querist)

11 May 2010 Sir,

I shall change as per yours.

I have a query, whether after the resolution, can I make a sentence 'The resolution was passed unanimously'.

Whether this is OK.

I shall await your views.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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12 May 2010 Sir,

As per my understanding it is not o.k since it is not a mandatory requirement. Dividend, as you know,has to be declared by an ordinary resolution vide section 189 of the Companies Act,1956 which needs only a simple majority, so question of unanimity is not warranted.

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