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Ruby Mills
BSE: 503169NSE: RUBYMILLSISIN: INE301D01026

9th-May-2020 10:37Source: BSE

Ruby Mills - Announcement Under Regulation 30 (LODR)- Updates (Outcome Of Board Meeting Held On Friday, May 08, 2020 Through Video Conferencing)

We would like to inform you that the Board of Directors in their meeting held today through Video Conferencing have considered and approved certain austerity measures with a view to conserve cash required for the operations of the Company:

1)Increase in remuneration of Mr. Hiren Shah, Executive Chairman and two Managing Directors w.e.f 1st April, 2020 as approved by the Shareholders at the Annual General Meeting held on 28th September, 2018 is deferred.
2)Reduction in remuneration of Promoter members Mr. Hiren Shah, Executive Chairman and two Managing Directors, Mr. Purav Shah, Chief Executive Officer (CEO) and Executive Director and Mr. Rishabh Shah President by 30% from the salary w.e.f. April 2020 which will be reviewed after six months.
3)The Board has authorized the Mr. Hiren Shah Executive Chairman and both the Managing Directors to jointly take other operational decisions to conserve cash required for the operations of the Company.

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