Shareholders of the Andrew Yule group company Tide Water Oil Co (India) Ltd passed all the resolutions tabled at the company's annual general meeting held here yesterday.
One of the resolution was regarding the company entering into agreement with the National Securities Depository Ltd following the Securities & Exchange Board of India's directive making dematerialisation of shares compulsory.
The other resolutions concerned re-appointment of auditors Price Waterhouse for another year till the conclusion of the next annual general meeting and re-appointment of directors.
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Tide Water Oil Co (India) Ltd is currently gearing up to increase its market share to nearly 7 per cent over the next five years from the present 5 per cent share, said Sujit Chakravorti, chairman and managing director, Tide Water Oil, while speaking to newspersons after the company's annual general meeting.
With the rationalisation of its marketing policy and streamlined selling and distribution network, the company is fully geared to cater to the needs of the wider segments of customers throughout the country, added Chakravorti.
Meanwhile, the company recently completed implementing 8,000 kl per annum modern lube blending plant at Faridabad. With the enhancement of the production facilities, ongoing technology upgradation programme and revised business plans, the company has developed and introduced several advanced products both for the industrial and automotive sectors.
It has entered into arrangements with companies in the automotive sector as original equipment manufacturers for marketing the same. Efforts are on to tie-up with few more manufacturers.
The company had entered into a technical collaboration with Japanese firm Mitsubishi Oil Co Ltd for the manufacture of hi-tech lubricants.
For the fiscal 1997-98, the company posted a nearly 100 per cent growth to Rs 12.19 crore in profit before tax and has declared a dividend of 60 per cent on the equity of the company for the financial year 1997-98.