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Drumbeat: Ad Buzzaar
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Tuesday, June 2, 1998
Reliance EGM on buy-back
ENS ECONOMIC BUREAU
MUMBAI, June 1: Reliance Industries Ltd has convened an annual general meeting of its shareholders on June 26 to seek their nod to buy-back five per cent shares of the company as and when the law in this regard is changed to allow such purchases. The AGM will also consider the accounts as at March 31, 1998 and declare the dividend on preference and equity shares. Three new directors and two joint auditors are also to be appointed.The company had in October last year sought an approval for buy-back of shares but had not come out with a specific percentage representing the extent to which it would buy-back its shares. According to the notice for convening the AGM, Reliance has explained that the enabling resolution is in anticipation of the law being amended to allow buy-back. "It is proposed to buy-back not exceeding 5 per cent of the total voting powers relating to the shares." Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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