AG 16Considering and approving resolutions relating to Additional Capital Expenditure for Occupant Safety Division (OSD)

The board was informed that at the meeting held on March 18, 2014 the Board had approved Rs.13.36 crores (net of CENVAT) for OSD towards capital expenditure for the year 2014-15. The Board noted that the above limit includes approval for Inflatable Restraint Systems (IRS) building expansion planned during the year 2014-15 (another part of IRS building expansion was planned in 2015-16 which was ealier informed to the Board). Due to space constraint, it was proposed to start the IRS building expansion planned for the year 2015-16 now and hence it was proposed that the capital expenditure be enhanced by Rs. 4.41 crores for OSD for the year 2014-15.

The board on consideration,

R 36/14Resolved that in supersession of the resolution passed at the meeting of the Board of directors held on March 18, 2014, the capital expenditure budget of Rs.17.77 crores for Occupant Safety Division for the year 2014-15 be and are hereby approved.

The Board noted that the aggregate of these borrowings and the existing borrowings would be within the limits of Rs. 150 crores (Rupees One hundred and fifty crores only) approved by the shareholders of the Company at their Annual General Meeting held on July 23, 2014 under Section 180(1)(c) of the Companies Act, 2013 (Section 293(1)(d) of the Companies Act, 1956).