Financial Daily from THE HINDU group of publications
Wednesday, Jul 21, 2004
Financial Daily from THE HINDU group of publications Wednesday, Jul 21, 2004 |
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Corporate
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Announcements Century to fill Priyamvada's chair later Our Bureau
Mr S.K. Birla, Director, Century Textiles (right), and Mr E.B. Desai, Director, at the AGM in Mumbai on Tuesday. — Shashi Ashiwal
Mumbai , July 20 SHAREHOLDERS of Century Textiles Ltd on Tuesday resolved to postpone appointment of a director in place of Priyamvada Birla, who passed away recently, to a later date. Mr S.K. Birla, Director of Century Textiles, who chaired the company's 107th annual general meeting here, proposed an additional resolution that "a replacement director is not being sought at this meeting." The shareholders voted it through unanimously. The thinly-attended AGM observed a minute's silence in memory of Priyamvada Birla. Mr S.K. Birla said, "Three-and-half years she had been on the board of Birla Corporation. With that experience, she had given several worthwhile advice to the Century board." Shareholders approved all resolutions at the rather uneventful AGM. Mr Birla said the company is considering increasing production capacity of paper and a decision will be taken by the end of the year. He said Century has shelved all plans to sell assets such as its cement plants. "We could not get a buyer when we wanted to sell assets. Now that the company is on the verge of a recovery, we do not want to sell any assets," he said.
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