Foods & Inns Ltd: Outcome of AGM

Foods & Inns Ltd has informed BSE that has informed BSE that the members at the 39th Annual General Meeting (AGM) of the Company held on March 25, 2011, inter alia, have accorded to the following:

1. Adoption of Audited Profit and Loss Account for the year ended September 30, 2010 and the Balance Sheet as at that date and the Report of the Board of Directors and Auditors thereon.

2. Declaration of Dividend and Equity Shares at 18%, i.e. Rs. 1.80 per Share.

3. Appointment of Mr. D. B. Engineer, as Director of the Company liable to retire by rotation.

4. Appointment of Mr. D. D. Trivedi, as Director of the Company liable to retire by rotation.

5. Appointment of M/s. B. S. Mehta & Co., Chartered Accountant, as Auditors of the Company to hold office from the conclusion of this Annual General Meeting until the conclusion of next Annual General Meeting, at a remuneration to be decided by the Board of Directors.

6. Consent of Shareholders to the contract entered into with the Company for acting as Brokers and Managers to mobilize Public Fixed Deposits under Acceptance of Public Deposit Rules, 1975 in which the Director of the Company is interested.

7. Consent of Shareholders for payment of guarantee commission to the relative of Director for guarantying the borrowings availed by the Company and standing as surety to the Bankers for repayment of credit facilities.