News @ Jains - Jain Irrigation to launch ESOP’s for its Associates – B.H. Jain, Chairman

In 18th Annual General Meeting

The Chairman Shri. B.H. Jain declared in 18^th AGM held in Jalgaon about launch of 5% ESOP’s for the associates of company and its subsidiaries. Under the plan associates would be incentivised for their performance by issue of ESOP’s.  The scheme will run for 5 years initially he added. The 18^th AGM was held in the shadow of a recent bereavement in Jain family. The meeting paid tribute to the late Mrs. Kantabai Jain wife of the founder chairman Shri. B.H. Jain by observing a minute’s silence.

The meeting then conducted its normal and special business including :

• Approval of Annual Accounts of the Company for the year ended 31^st March 2005.
• Declaration of dividend on Preference Shares of the Company.
• Re-appointment of Shri. Aniruddha R. Barwe as Director who retired by rotation.
• Re-appointment of Shri. Ajit B. Jain as Director who retired by rotation.
• Re-appointment of M/s Dalal & Shah, Chartered Accountants, Mumbai as Statutory Auditors of the Company.
• Appointment of Shri. Krishnaswamy Ravendran as Director who appointed as an Additional Director on 10^th January, 2005.
• Mortgage of Immovable properties of the Company (Section 293 (1)(a)) to Banks & Financial Institutions.
• Issue of Equity Shares to Employees of the Company under ESOP scheme – 2005.
• Issue of Equity Shares to Employees of Subsidiaries of the Company under ESOP scheme – 2005.
• Amendment in Articles of Association of the Company as proposed.

All proposals were accepted by an unanimous voice vote.

The meeting ended with the felicitation of Mr. Anup Jacob, Partner Aqua International Pvt. Ltd., San Francisco, USA for the help and co-operation he offered to the Company in his 3 years of tenure as Director of the Company.

Aqua entities had recently sold their entire stake in the open market to FII’s and mutual funds.

Vote of thanks was proposed by Vice Chairman Shri. Ashok B. Jain.