Shaw Wallace Agm To Be Held On Aug 8

The much-awaited annual general meeting of Shaw Wallace & Co for 1995-96 is slated to be held on August 8.

The company had been directed by the Company Law Board to convene its annual general meeting (AGM) on or before August 14 this year in which its accounts would be placed.

The AGM is expected to be interesting as the board of directors of the company have not recommended any dividend for the year under review, owing to the slim nature of profits earned (Rs 5.21 lakh against Rs 70 crore posted the previous year).

The financial results of the company were finalised last month.

The date of the AGM had been originally fixed for May 14. The company had tried to hold the annual general meeting on May 14 as two of its directors including non-executive chairman M R Chhabria were due to retire before May 19.

In response, the CLB stated that directors retiring by rotation and also the additional directors would continue to hold office till the conclusion of the AGM for the year 1995-96.

However, early May this year, the CLB felt the AGM of a public limited firm should not be held without the accounts being placed before it and hence the company should postpone the AGM to a later date after the accounts have been placed and the financial results declared.

Meanwhile, Shaw Wallace, which has been burdened with substantial debts owing to investments in inter-corporate deposits, will receive around Rs 75 crore from Jumbo International Holdings, the parent company based in Dubai.

The board of directors recently drafted a Rs 400-crore revival plan which includes repayment of statutory dues like fixed deposits and public deposits. The plan is aimed at paying off the company's outstanding bank liabilities on a monthly basis starting July 1.

According to the company's projections, operating profits from the core businesses of liquor and beer over the next three years has been pegged at Rs 85 crore, Rs 90 crore and Rs 95 crore respectively.