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Outcome of AGM

Nestlé India Ltd has informed BSE that the 52nd Annual General Meeting (AGM) of the Company was held on April 19, 2011 and all the items of business contained in the Notice of the 52nd Annual General Meeting and as mentioned below were approved by the shareholders:

  • Approved the Balance Sheet as at 31st December, 2010 and the Profit and Loss Account for the year ended on that date together with the Reports of the Directors’ and Auditors’ thereon
  • Approved final dividend of Rs. 12.50 per equity share for the year 2010 and confirmed the two interim dividends of Rs. 9.00 and Rs. 27.00 per equity share, already paid for the year ended 31st December, 2010
  • Re-appointed M/s. A. F. Ferguson & Co., Chartered Accountants, as the Auditors of the Company up to the conclusion of the next Annual General Meeting of the Company
  • Appointed Dr. Rakesh Mohan, Dr. (Mrs.) Swati A. Piramal and Mr. Christian Schmid as Directors of the Company
  • Appointed Mr. Christian Schmid as Whole-time Director of the Company designated as “Director – Technical” for a period of five years with effect from 2nd August, 2010 and approved the terms and conditions of appointment and remuneration
  • Approved increase in the borrowing limits under Section 293(1)(d) of the Companies Act, 1956, in excess of the aggregate of the paid up capital and free reserves of the Company but not exceeding Rs. 2,500 Crores
  • Approved payment of remuneration to the Non-Executive Directors of the Company for a period of five years from 2010
Nestlé India also informed the Stock Exchange that Mr. Pradip Baijal has ceased to be a Director of the Company upon conclusion of the Annual General Meeting since he did not seek his re-appointment.