July 30, 2003
20th AGM at Joda
Tata Sponge’s 20th Annual General Meeting was conducted on 28th July, 2003 at its registered office situated in Joda, Dist. Keonjhar. The meeting was presided over by Tata Sponge’s Chairman and MD Tata Steel, Mr. B. Muthuraman and attended by the Managing Director and other directors. Relevant business was transacted and several resolutions were passed during the meeting.
The Chairman expressed his happiness over the excellent performance of the company for the financial year ended 31st March, 2003, which recorded a PBT of over Rs. 25 crore, enabling the company to declare its highest ever dividend of 30% for the year. He complimented the Managing Director and all employees for achieving commendable operational and financial results during the year.
A presentation was made by the Managing Director to the shareholders giving them a synopsis of the company’s operations and future plans which, apart from other things, included expansion of the company’s sponge iron capacity and power generation through the waste heat recovery route.