Calsoft's AGM outcome & highlights of Chairman’s address

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Calsoft's AGM outcome & highlights of Chairman’s address

Calsoft's 15th Annual General Meeting outcome and highlights of Chairman’s address

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At the company's 15^th Annual General Meeting held recently,the folliowing decisions were approved by shareholders:

a)       The adoption of  audited accounts of the company for the year ended March 31, 2007.

b)       Declaration of 7.5% dividend on equity shares for the financial year 2006 - 2007.

c)       Re- appointment of Dr. P.G George and appointment of Mr. Dan G Peterson as Directors of the Company, liable to retire by rotation. For the time being the vacancy caused by retirement of Mr. Fuminobhu Oda, as Director was resolved not to be filled up.

d)       Appointment of M/s Price Waterhouse, India as Statutory Auditors of the company.  

Mr. Robert V. Chandran, Chairman of California Software Company Limited presided over the meeting in his speech to the shareholders, he highlighted the significant developments of the previous year and future vision. He stated that the inorganic growth options followed had begun to yield results.  In 2006-07, the consolidated revenue rose to Rs. 16894.49 lakhs, an increase of 46% over the previous year, and net profits grew to Rs 796.77 lakhs, an increase of 69%. During the first quarter of the current fiscal year 2007-08, Calsoft's growth momentum continued with consolidated revenue of Rs. 5394.58 lakhs and net profit of Rs. 218.10 lakhs.

Mr.Chandran emphasised that the future scenario will be somewhat different. While size would be a pre-requisite, differentiation brought in through specialisation would be a key success factor. In such a setting, growth would demand generation of superior value and total commitment. He stressed that there was a tremendous opportunity for Calsoft to grow in this scenario by focusing on its strengths and on scalability, domain expertise, strategic alliances and inorganic growth options. 

Sourced From: Adfactors Public Relations Pvt Ltd