The Members,
 
 The Directors have pleasure in presenting the 47th Annual Report and
 Audited Accounts for the year ended31.03.2011.
 
 FINANCIAL RESULTS                               (Rs crores)
 
 Particulars                           2010-11         2009-10
 
 Sales (Gross)                         3623.52         3557.67
 
 Value of Production                   3768.60         3708.66
 
 Profit (Before Depreciation,
 
 Interest and Tax)                      279.02          400.70
 
 Interest                                58.63           48.93
 
 Depreciation                            33.64           32.22
 
 Profit Before Tax                      186.75          319.55
 
 Provision for Taxation                  36.99           96.70
 
 Profit After Tax                       149.76          222.85
 
 Profit available for
 appropriations                         399.40          320.64
 
 APPROPRIATIONS :
 
 Proposed Dividend                       41.64           41.64
 
 Dividend tax                             6.92            7.08
 
 General Reserve                         14.98           22.28
 
 Profit & Loss Account                  335.86          249.64
 
 Net Worth                             2139.04         2036.39
 
 TURNOVER AND PROFITABILITY
 
 Your Company attained an all time high turnover of*Rs.3,623.52, crores,
 an increase of Rs.65.85 crpres registering a growth of 1.85% over the
 previous year. The value of production was Rs.3,768.60 crores recording
 an increase of about 1.62% over the previous year. Despite the increase
 in sales volume, the Profit Before Tax was Rs. 186.75 crores as against
 Rs.319.55 crores recorded in the previous financial year. The reduction
 in profit was mainly on account of implementation of wage revision for
 employees, change in product mix propelled by the market demand, lesser
 quantum of sales of spares coupled with severe competition that had
 exerted pressure on margins. However, Company has initiated steps to
 maximize the profits.
 
 DIVIDEND
 
 The Board of the Company has recommended a dividend of Rs. 10 per share
 i.e., 100% on the Paid-up Equity Share Capital for the year 2010-11
 keeping in view the past performance and future prospects and
 simultaneously meeting the aspirations of the shareholders.
 
 EXPORTS
 
 International Business Division of the Company has achieved a turnover
 of Rs. 217.50 crores (including Trading) as against Rs. 156.25 crores
 in the previous year recording a growth of 39.2% over previous year.
 The international presence of the Company has increased to about 58
 countries including African countries viz., Kenya, Mali, to which entry
 was made during the year.
 
 QUALITY
 
 The year 2010-11 was observed as Year of Quality wherein necessary
 drive was undertaken to strengthen the ''quality team'', to focus on
 quality, under the changed business environment and work towards
 building world class equipment so that the Company''s ''Vision'' of
 becoming ''Global market leader'' is achieved. The measures taken up
 during the year are briefed below:
 
 a.  Quality Management System:
 
 All manufacturing divisions have been updated, to J§O9001-2008 Quality
 Management System (QMS) certification.  KGF, Bangalore and Mysore
 Complexes are certified for ISO14001-2004 Environmental Management
 System (EMS). Also, the Bangalore Complex is certified for BS OHSAS
 18001-2007 Integrated Management System. Having diversified into
 Aerospace Division, Engine Division, Mysore Complex is certified for
 AS9100B Aerospace certification. Laboratories at R&D, KGF and Engine
 Division, Mysore continue to hold NABL accreditations.
 
 Company''s new manufacturing unit at Palakkad, Kerala has also
 successfully implemented and obtained ISO9001-2008 QMS Certification.
 
 Consultancy services of M/s. NIQR, Chennai were engaged for study and
 review of the existing Quality Management System followed by Divisions,
 and to submit the recommendations. Task force teams have been formed to
 take forward and ensure effective implementation of the recommendations
 made by NIQR.
 
 b.  Quality Improvement:
 
 To enhance the existing quality level, deviation approval system was
 withdrawn at divisional level thus avoiding re-works/ deviations at
 divisions. Professional expertise are being sought for guidance to
 analyze the bottleneck areas and to assure quality in critical areas
 like welding, fabrication, painting, oil testing, etc.
 
 Concept of 5S, Kaizen and Quality Circles are practiced at grass root
 level throughout the Company to bring in continual improvements in
 product and process quality. To motivate the activity, our annual event
 ''BEML-Nonimara Award'' Competition is being conducted and the winning
 teams are deputed for regional/national level competitions where our
 teams have achieved recognition as meritorious performers. Six-Sigma
 process approach is in place at all Divisions with 75 Black Belts
 working on various projects.
 
 During the year, Quality Circle Team WHEEL of Earthmoving Division,
 KGF Complex has been conferred with the life time award by M/s. QCFI as
 the Longest & Active Quality Circle. The prize has been awarded after
 the recommendation from the Evaluation Committee of M/s. QCFI, who
 visited KGF Complex for interaction and evaluating the QC team.
 
 c.  Vendor Development:
 
 As vendor supplied items form the major share of the components that go
 into building up of the equipment, utmost care is taken right from the
 inclusion of vendor till clearance of their supplies for further
 assembly. Periodical visits are made and necessary inputs and expert
 guidance in respect of process/system improvements are given to the
 vendors'' right from development stage to ensure quality in their
 supplies. To enhance the overall performance of vendor supplied items,
 the services of third party inspection agencies are engaged for
 carrying out source inspection at vendors'' premises and also to carry
 out surveillance inspection of items received at all Divisions.
 
 To motivate vendors and to make these self-reliable, dedicated vendors
 are identified based on their performance and encouraged by awarding
 Self Certification status for their supplies. Cluster Vendor
 concept - an idea to handhold and transform the vendor as Zero Defect
 supplier is practiced with few identified vendors by giving inputs with
 regard to the non-conformances observed in the supplies made, and
 necessary guidance in the areas covering technological aspects, skill
 improvement and quality initiatives like 5S, Kaizen etc.
 
 d.  Customer Satisfaction:
 
 To ensure higher equipment availability and reliability, ''Task Force''
 comprising of Apex and Action drive teams are formed at KGF and Mysore
 Complexes to address the performance related issues pertaining to
 BH100/BG825/BE1600/BE1000 equipments available in the field. Action
 drive teams visited customers for implementation of improvements in
 BH100/BG825.
 
 Minimum number of test hours have been stipulated for all models of
 Mining & Construction Equipments to take care of any possible errors
 which otherwise would have passed on to field/customer.
 
 Also, to further with a view to enhance the customer confidence, third
 party inspection is being introduced at Earthmoving and Equipment
 Divisions for inspection and clearance of the Mining & Construction
 equipment at the final stage before despatching it to the customers.
 
 e.  Technology Up-gradation:
 
 Quality Engineering personnel at all levels are deputed to various
 training/seminar programmes covering topics in areas of technological
 updates and data analysis tools which are essential for taking up
 quality improvement projects.
 
 During the year, the services of M/s TQM International are engaged for
 Six Sigma Black Belt training and project guidance. 22 Black Belts
 across divisions have been trained and are all working on projects.
 
 RESEARCH & DEVELOPMENT
 
 The Company''s Research & Development Centre continues to play a vital
 role in the design and development of products, critical aggregates,
 indigenization activity etc. During the year, R&D has developed BA10
 Aircraft Towing Tractor with front cabin, GRAD BM21 MBRLS on special
 6x6 Chassis, field artillery tractor for towing of heavy artillery
 guns, High mobility vehicle on 6x6 chassis integrated with material
 handling crane, Broad Gauge Catenary Maintenance Vehicle for DMRC and
 8W Catenary Maintenance Vehicles.
 
 The information on R&D, Technology Absorption, Adaptation and
 Innovation is at Annexure-I.
 
 FINANCE
 
 The working capital requirements were met from the internal resources
 and credit facilities availed from banks. There was no overdue
 installment of principle and interest.
 
 The Company''s contribution to exchequer was in the order of Rs. 657.92
 crores during the year by way of Excise Duty, Customs Duty, Sales Tax,
 Income Tax, Wealth Tax, Service Tax and Cess.
 
 FOREIGN EXCHANGE EARNINGS AND OUTGO
 
 During the year, the Company''s export earning stood at Rs. 179.37
 crores.  The total foreign exchange utilized during the year was
 Rs.652.67 crores.
 
 A sum of Rs.2.02 crores Was incurred towards deputation of personnel
 abroad for business/ export promotion, after-sales-services and
 training.
 
 FIXED DEPOSITS
 
 The Company has not accepted / renewed any fixed deposits during the
 year.  ,
 
 VIGILANCE
 
 The Company has an independent Vigilance Department headed by a Chief
 Vigilance Officer.  The Vigilance Department of the Company functions
 on the premise that well laid down systems and procedures and their
 meticulous follow up are bound to pave way for the corporate growth.
 Regular inspections, surprise checks, scrutiny of purchase/contract
 files are part of these exercises which helped in streamlining systems
 and procedures and ensure greater transparency and accountability in
 decision-making. Carrying out system audits and system improvement
 studies as well as regular awareness cum sensitization programs have
 been inbuilt in the functioning of the department. These efforts were
 found to be useful in identifying the loopholes in the systems and
 procedures and their correction/ improvement.  In addition, the
 Vigilance Department has made available a window in the Company''s
 website for the stakeholders/ shareholders to lodge complaints.
 
 Nevertheless, the Vigilance Department ensures that the Company adheres
 to the guidelines/ instructions issued by Central Vigilance Commission
 (CVC) from time to time in maintaining probity.
 
 In nutshell, the conscientious functioning of the Vigilance Department
 has supported the Company in its enhanced efficiency combined with the
 code of accountability.
 
 CORPORATE GOVERNANCE
 
 A report on Corporate Governance including Management Discussion and
 Analysis Report along with a compliance certificate from the Auditors
 as required under the Listing Agreement entered into with the Stock
 Exchanges is annexed to this report.
 
 SUBSIDIARY COMPANY
 
 M/s Vignyah Industries Limited (VIL) achieved a turnover of Rs.33.82
 crores and value of production of Rs.35.68 crores during the year. It
 incurred a loss of Rs. 1.60 crores, mainly due to the delay in
 stabilization of the expansion process for shifting from traditional
 C02 to no-bake system and non-availability of quality sand due to
 heavy and unprecedented rainfall.
 
 The statement and particulars relating to VIL, pursuant to Section 212
 of the Companies Act, 1956 is attached.
 
 In accordance with Section 212(8) of the Companies Act, 1956, your
 Company has been exempted from attaching the Balance Sheet, Profit &
 Loss Account, Auditors'' Report, Directors'' Report, etc., of the
 subsidiary Company to the Balance Sheet of BEML Limited as per
 Government of India order No.51/12/2007-CL-III, dated 08.02.2011 issued
 under General Circular No.2/2011. However, the Company will make
 available these documents upon request by any member of the Company.
 
 JOINT VENTURE COMPANY
 
 A JV Company, M/s BEML Midwest Limited incorporated on 18th April, 2007
 at Hyderabad with BEML having 45% share, M/s Midwest Granite Pvt. Ltd.,
 and P T Sumber Mitra Jaya of Indonesia as partners with 55% share. The
 Company has been established to capitalize the growing business
 opportunities in the mining segment. However, due to certain
 unauthorized transactions and the oppression and mismanagement by the
 nominees of Midwest Granite Pvt. Limited, BEML has filed a petition u/s
 397 and 398 of the Companies Act, 1956 seeking suitable relief, and the
 matter is pending before the Hon''ble Company Law Board.
 
 MICRO, SMALL AND MEDIUM ENTERPRISES
 
 The Micro, Small and Medium Enterprises continue to get support and
 preference from BEML wherever there is shortage of in-house capacity.
 The company extends technical guidance and requisite support to these
 industries wherever required. Our quality control personnel visit the
 industries to assist and ensure that the quality of the products meet
 the requisite standards.
 
 During 2010-11, the Company procured items worth Rs. 363.24 crores from
 the said category of units.
 
 RAJBHASHA
 
 -  Your Company ensured compliance of the Official Languages Act, 1963
 and the Rules made thereunder and administrative instructions regarding
 use of Hindi received from the Department of Official Language and
 Ministry of Defence from time to time.
 
 -  Hindi training for all the three courses viz., Prabodh, Praveen and
 Pragya under Hindi Teaching Scheme of Ministry of Home Affairs,
 Department of Official Language were arranged at Corporate office, all
 Complex offices and few Regional/District offices. A total of 271
 employees have been trained during the year.
 
 -  Five officials of the Company have been trained in Computer Training
 programme in Hindi organised by National Informatics Centre in
 collaboration with Central Hindi Training Institute, Ministry of Home
 Affairs.
 
 -  To inculcate interest and efficiency among the staff, 13 Hindi
 workshops were organized for 192 employees at Corporate Office and
 Business Complex Offices during the year.
 
 -  Hindi Month was observed with great zeal in the Corporate Office,
 all the Business Complex Offices and Regional offices of Hyderabad,
 Mumbai and Chennai from 1st to 30th September, 2010. During this
 period, to motivate the employees, competitions viz.  Hindi Antakshari,
 Hindi Quiz, Hindi Crossword and Noting & Drafting, were organized and
 the winners of these competitions were awarded. Further, Hindi Day i.e.
 14th September, 2010 was observed in accordance with the guidelines
 issued by the Ministry of Defence and Department of Official Language,
 Ministry of Home Affairs Further, Hindi Month was observed with tw>
 days Hindi Conference held at Mumbai on 29-30,h September, 2010 in
 which 23 participants from Western Regional offices/District offices
 participated in the Conference.
 
 -  During the period, all translation work and Hindi typing work
 relating to Annual Reports, Technical Reports, MoUs, Reports on SC/ST,
 RTI, Reservation policy, Standing orders, Product Profiles,
 Advertisement Materials and Standard Forms was attended to with full
 efficiency and dedication.
 
 -  All the sign boards outside the premises of the Company displayed
 tri-lingually i.e. Kannada (Regional Language), Hindi and English and
 the name plates which are displayed within the premises of the Company
 are also in tri-lingual form.
 
 -  A session on Official Language Policy is included in all in-house
 training programmes.
 
 -  Hindi Library is functioning in Corporate Office with good number of
 Hindi Books and Hindi periodicals. Hindi Dictionaries, Administrative
 Glossaries, Help-literatures are supplied to the staff to encourage
 them to do official work in Hindi.
 
 -  Website ofBEML is made available in Hindi also.
 
 AWARDS
 
 -  Public Relations Council of India (PRCI), a premier body of the
 Public Relations and Communication Professionals has bestowed the
 prestigious ''Chanakya Award1 on CMD, Shri V RS Natarajan, on
 03.04.2010, for having steered the Company to unprecedented levels of
 success both in business operations as well as territorial expansions.
 
 -  The Second Dalai Street Investment Journal (DSIJ) PSU Award-2010
 held at New Delhi on 6'' \pril 2010, BEML has been bestowed with
 Wealth Builder-Miniratna-Manufacturing Award under percentage surge
 in Market Cap category.
 
 -  The Heavy Fabrication Unit (HFU) of BEML at KGF Complex has been
 adjudged as ''Winner'' in the National Safety Awards (performance year
 2008) under Scheme-V (Lowest Average Frequency Rate) and Scheme-VI
 (Accident Free Year) and received the award on 27.10.2010 from Ministry
 of Labour & Employment, Government of India.
 
 -  BEML has won the prestigious Raksha Mantri''s Institutional Award for
 Excellence in Performance (FY 2008-09) and Group award for Design
 Efforts for design and development of Intermediate Cars for Delhi Metro
 RS4 Project, on 10.11.2010.
 
 -  BEML was conferred with the prestigious SCOPE Award - Medium PSE
 Category for the year 2008-09 on 15.12.2010 by Ministry of Heavy
 Industries & Public Enterprises for Excellence and Outstanding
 Contribution to Public Sector Management.
 
 -  BEML was bestowed with EEPC INDIA Award for outstanding contribution
 to engineering exports (FY 2008-09) by Engineering Export Promotion
 Council on 22.12.2010.
 
 -  BEML was bestowed with the Aerospace & Defence Award* under the
 category ''Excellence in Technology Awards'' for the snow cutter. This
 was instituted by SAP Media Publications, an internationally renowned
 business magazine in the field of Aerospace on 08.02.2011.
 
 -  BEML had received the Public Relations Council of India Award for
 Best Wall Calendars*'' at the Global PR Conclave-2011 on 17-18* March,
 2011 at Chandigarh.
 
 -  BEML was bestowed with two awards, one is ''Game changes for
 diversification'' and the other R&D and enhanced global presence1
 instituted by Dalai Street Investment Journal in its ''India''s best
 Public Sector Enteprises- 201 l''on21.04.20HatNew Delhi.
 
 -  As per the survey, commissioned by the Economic Times, Corporate
 Dossier magazine and conducted by IMRB International, Shri V RS
 Natarajan, Chairman and Managing Director of the Company, has been
 ranked at 771 position in the list of''India INC''s most powerful
 CEOs-2011'', published in the Economic Times on 29.04.2011.
 
 MANPOWER
 
 The manpower strength as on 31st March, 2011 stood at 11,798 as against
 12,052 of the previous year.
 
 Representation of SC/ST and Ex-Servicemen category-wise as on
 01.01.2011 and recruitment made are as under:
 
 Representation of SC/ST/Ex-Servicemen as on 01.01.2011
 
 Category/      Total          No. of SC/ST and Ex-servicemen Group
                Strength
                 As on        Scheduled       Scheduled     Ex-Service
                                Caste            Tribe          Men
              1.1.10 1.1.11  1.1.10 l.l.ll  1.1.10 1.1.11  l.l.lO l.l.ll
 
 Group-A        1443   1383     213    207      41     41      9      8
 
 Group-B        1223   1405     208    245      62     72      9     11
 
 Group-C        8983   9049    1943   1919     356    344    313    343
 
 Grdup-D          94     67      43     29       4      3      -      -
 
 Total         11743  11904    2407  24001    4631   4601    331    362
 
 Recruitment during 2010
 
 Griiip    General        OBC       SC        ST           EXS      TOTAL
 
 A            21           2         2         1            1         26
 
 B           123          89        35        11            -        258
 
 Total       144          91        37        12            1        284
 
 HUMAN RESOURCES DEVELOPMENT & INDUSTRIAL RELATIONS
 
 The HR Department identified several thrust areas for continuously
 updating technical/professional knowledge and skills of employees and
 bring about attitudinal changes in fostering a performance driven work
 culture in all areas of operations particularly at shop floors. During
 the year, the Company organized several in-house and external training
 programs for 13,402 employees covering 30,691 man-days.
 
 The overall industrial relations situation in the Company was cordial
 during the year.
 
 CORPORATE SOCIAL RESPONSIBILITY / SOCIAL WELFARE
 
 -  BEML Limited provides opportunity to such of the unskilled Contract
 Labourers who are literates, by extending on-Job skilled training to
 consider them for regular employment.
 
 -  Extension of out-patient medical facilities to ex-BGML employees and
 their families by deputing a doctor and 2 para-medical staff to the
 areas of Marikuppam, Champion Reef and Oorgaum and medicines are
 dispensed free of cost for general illness.
 
 -  Provided medical treatment through Company''s medical centres and
 dispensaries to the common public dwelling in the adopted village of
 Dasarahosahalli at KGE
 
 -  BEML runs one Junior College, and Nursery School at KGF and one
 Nursery School at Bangalore. These Institutions not only meant for BEML
 employees children, it also caters to a large extent to the local
 population. In addition, BEML runs a Kendriya Vidyalaya Project School
 at KGF by providing school building with infra-structure facilities,
 mid-day meal programme andother facilities.
 
 -  BEML has extended facilities viz., school building, furniture and
 other infrastructure and one attender for mid-day meal programme and
 night watchman to Government English Higher Primary School atKGF.
 
 -  The Company has extended all help and support to the Labour Welfare
 Fund (LWF) functioning in the production units for the benefits of
 Employees, their dependants and local population. The LWF had conducted
 training programmes in Tailoring, Computer, Typing / Shorthand course,
 Diploma course in Laboratory Technology, Job Oriented Courses,
 Music/Dance classes, spoken English Course, Summer camps for
 art/painting and sports and various entertainment activities during the
 year.
 
 -  Company has sponsored a scheme for award of Scholarship to the SC/ST
 students pursuing full time undergraduate Engineering course in
 Engineering Institutions all over the country.  The scheme also aims at
 providing employment to students who successfully complete the
 Engineering programme.
 
 -  Your Company has adopted four children from the United Physically
 Handicapped School of Coimbatore and decided to continue the adoption
 till the children can be employed suitably under PH quota / services to
 orphans and unsupported.
 
 -  Your Company has taken up Development of Parks in BEML Housing
 Co-operative Society layout at Mysore. Company has also proposed to
 develop parks in BEML Housing Co-operative Society layouts Stage-I and
 Stage-II at Mysore. In pursuance of this, Company will share 60% and
 the balance 40% of the total cost will be borne by BEML Housing
 Co-operative Society Ltd, Mysore.
 
 -  Your Company has taken up planting of avenue trees from Hootagalli
 to Paper Mills Circle (KRS Road in front of BEML premises) and from
 Engine Division Corner to Infosys Circle, Mysore.
 
 PARTICULARS OFEMPLOYEES
 
 There were no employees of the Company who received remuneration in
 excess of the limits prescribed under Section 217(2A) of the Companies
 Act, read with the Companies (Particulars of Employees) Rules, 1975.
 
 ENVIRONMENT AND POLLUTION CONTROL
 
 In order to protect the environment in and around the factory
 premises/township, tree plantation were undertaken. Saplings of various
 types of avenue tree/flower bearing trees were planted in the vacant
 lands belonging to the Company for maintaining ecological balance in
 the surrounding areas.  Further, measures have also been taken to
 protect the existing flora and fauna from any basic interference.
 
 Effluent treatment plants have been constructed inside the factory
 premises of the Production Units for treatment of domestic/industrial
 effluents.  Further, treatment plants/oxidation ponds for treatment of
 natural process of treating effluents have been installed in various
 locations inside the factory and township. Treated effluent water is
 being utilized by the Landscaping Department in the production units.
 Artificial tanks have been constructed in Manufacturing Complexes to
 harvest rain water, restrict soil erosion and to raise ground water
 level. Storage yard facility for Hazardous waste at salvage stores in
 the Divisions is constructed as per ISO 14001 requirements.
 
 In a bid to harness renewable energy, the Company commissioned a 5 MW
 Wind Mill during the year 2007-08 in Gadag District of Karnataka. The
 energy generated by the plant is fed into the KPTCL grid and sold to
 Hubli Electricity Supply Co. Ltd., (HESCOM) and as of 30.06.2011,
 332.28 lakh Kwh power has been generated enabling green house gas,
 reduction. Further, your Company is contemplating to setup an
 additional 18 MW Wind Mill Farm to develop green energy towards being
 self sufficient on power requirements.
 
 ENERGY CONSERVATION
 
 The. Company continues to give emphasis on conservation of energy. The
 efficiency of energy Utilization is closely monitored to attain a
 higher level of effective conservation. Some of the measures adopted
 during the year for energy conservation are:
 
 1.  One portable air compressor of 4 KW in place of 55 KW capacity
 motor has been replaced to meet the requirement of heat treatment shop
 furnaces.
 
 2.  Introduction of 2 Nos. 5000 litres capacity solar water heating
 system in Workers Canteen for pre-heating of water at 60° centigrade.
 
 3.  Replacement of Inverter welding sets (18KW) in place of old type
 Kirloskar make Motor Generator welding set of 30KW.
 
 4.  Introduction of 150W metal halide high bay fitting for street
 lights in place of 800W HPMV lamp at various places in the unit
 premises.
 
 5.  Reduction of HSD generation by optimizing utilization of grid
 power.
 
 6.  Usage of CFL lamps in the production area and in office building.
 
 The particulars as prescribed under sub-section (l)(e) of Section 217
 of the Companies Act, 1956, read with the Companies (Disclosure of
 particulars in the Report of the Board of Directors) Rules 1988, are
 annexed to this report.
 
 STATUTORYAUDITORS
 
 M/s. Padmanabhan Ramani & Ramanujam, Chartered Accountants, Chennai,
 were appointed by Comptroller & Auditor General of India as Statutory
 Auditors for the year 2010-11.
 
 Reply of the Board of Directors to the observations made in the report
 of the Auditors on the Accounts are given in the addendum to this
 report.
 
 COSTAUDITORS
 
 Your Company has appointed the following firms as Cost Auditors with
 the approval of Central Government:
 
 (i) M/s Rao, Murthy & Associates for ''Heavy Earth Equipments'', and
 
 (ii) M/s AGI & Associates for ''IC Engines''.
 
 DIRECTORS
 
 -  The President of India has appointed Smt.  Rashmi Verma, Joint
 Secretary (Land Systems), Ministry of Defence on 09.11.2010 as
 Government Nominee Director on the Board of the Company in place of
 Shri V Somasundaran. The President of India has also appointed Dr. S C
 Pandey, Addl.  Financial Adviser & Joint Secretary, Ministry of Defence
 with effect from 07.06.2011 as Government Nominee Director in place of
 ShriPKMishra.
 
 -  Dr. (Smt.) Rekha Bhargava, Lt. Gen. (Retd.) Noble Thamburaj, Shri
 Kanwal Nath, Shri Ramesh Bhat, Prof. S Sadagopan were appointed as
 Independent Directors of the Company with effect from 09.11.2010.
 
 -  Shri M Poongavanam, Director (Mining & Construction Business)
 relinquished the office of Director on 28.02.2011 consequent upon his
 superannuation and Shri C N Durgesh has been appointed as Director
 (Mining & Construction Business) with effect from 18.03.2011. Further,
 Shri V Mohan, Director (Defence Business) relinquished the office of
 Director on 30.06.2011 consequent upon his superani oiation and Shri P
 R Naik has been appointed as Director (Defence Business) with effect
 from 01. 7.2011.
 
 - The Board placed on record its deep appreciation of the valuable
 services rendered by S/Shri V Somasundaran, MPoongavanam,Pfc l,f