The proceedings of the 52nd Annual General Meeting of the Company held on Tuesday, 23rd July 2002 at 10.30 a.m. at M.C. Ghia Hall, Bhogilal Hargovindas Building, 2nd Floor, 18/20, Kaikhushru Dubhash Marg, Mumbai - 400 001.

The required quorum being present, the Chairman - Mr. Brett D. Begemann called the meeting to order and informed the members about the Company's progress and its future prospects. Then the following matters were taken on record:

1. The Balance Sheet and the Profit & Loss Account for the year ended on 31st March 2002 were approved and an ordinary resolution for the same was carried unanimously.
   
   
2. A dividend at the rate of Rs.8/- per equity share on 8631174 equity shares was declared and an ordinary resolution for the same was carried unanimously.
   
   
3. Mr. R. C. Khanna, the retiring director was re-appointed as Director of the Company and an ordinary resolution for the same was carried unanimously.
   
   
4. Mr. C. Y. Wong, the retiring director was re-appointed as Director of the Company and an ordinary resolution for the same was carried unanimously.
   
   
5. M/s. Deloitte Haskins & Sells, Chartered Accountants were re-appointed as the Auditors of the Company for the year ended 2002- 2003 and an ordinary resolution for the same was carried unanimously.
   
   
6. Mr. Sekhar Natarajan, the Managing Director was re-appointed as Managing Director of the Company with effect from 1st October, 2002 and his remuneration and appointment were approved by an ordinary resolution, being carried unanimously.
   
   

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