we wish to inform you that Board of Directors of the company at its meeting held today, on August 10, 2017, concluded at 1.30 p.m
Adoption of Unaudited Financial Results for quarter ended June 30, 2017.
Delegation of power to Finance Committee for issue of Commercial papers.
Taken on record the request received from Shri G R Morarka, Managing Director for capping of his remuneration, in case of adequacy of profits, to Rs 5 crores for financial year 2017-18, which is accepted by the Remuneration Committee & the Board.
Redemption of 8% 10,00,000 Cumulative Redeemable Preference Shares (Series III) of Rs.100/- each (unlisted shares) along with accrued dividend for the period from April 1, 2017 till September 30, 2017 on the maturity date on September 30, 2017.
This is further to inform you that Ind AS is applicable to the Company from the financial year 2017-18 & the financial results for June 30, 2017 quarter are Ind AS compliant.
Source : BSE