Mumbai, March 27 : Mumbai, March 27: The shareholders of Tata Engineering and Locomotive Co (Telco) gave their consent to the company's move to set off Rs 1,180 crore against the securities premium account. The extraordinary general meeting (EGM) held today had sought approval to write-off Rs 1180 crore at one go for the fiscal ending March this year. The move will result in the share premium account shrinking to Rs 522.02 crore from the present Rs 1,702.02 crore. Telco has argued that this move would help better its operational efficiency and it expects to be back on the dividend list soon. The board had approved the proposal on February 20 and today shareholders okayed the move. "This move will enhance shareholders' value, reduce the burden on the company and get some savings this year," said Ratan Tata, chairman. It would enable the company to make a comeback faster on dividend list, he added. The EGM also passed the resolution for the appointment of three new directors on the company's board. They were Ravi Kant, P.P. Kadle and V Sumantran. New commercial vehicle Tata Engineering and Locomotive Co Ltd is planning to introduce a 49-tonne commercial vehicle shortly in the market. "The company already has a 40-tonne vehicle fitted with an air-conditioned cabin and we are currently working on a 49-tonne vehicle which will be introduced shortly," Tata Engineering executive director Ravi Kant said today after the extraordinary general meeting (EGM). Earlier, Tata had told shareholders that the competitively priced vehicle would compete with Volvo. Regarding introducing new concepts in the vehicle, he said the company may look at power systems, alternative fuels and hybrids as means of transportation and also consider increasing exports to European countries.