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| Exchange Disseminated Time | With reference to the earlier announcement dated November 25, 2010, Tourism Finance Corporation of India Ltd has informed BSE that the Board of Directors of the Company at their meeting held on December 14, 2010, interalia, considered requisition received from IFCI Ltd. for convening Extraordinary General Meeting (EGM) of TFCI for appointment of their five(5) directors and removal of one(1) independent director. Out of 5 names proposed to be appointed as directors in EGM, three(3) were employees of IFCI and its group/subsidiary Company and their appointment was rejected by the Board in the meeting held on November 25, 2010.
The Board noted that the specific authorization/Board resolution for convening EGM for the purpose of appointment/removal of directors was not submitted along with the requisition by IFCI. A letter dated December 02, 2010 was sent to IFCI to submit the same which was not replied till date. Further, IFCI has also filed petition u/s 169 of the Companies Act before the Company Law Board (CLB) on December 08, 2010 which is pending adjudication. In view of the above, the Board of Directors of TFCI, decided with requisite majority to decline to hold EGM of TFCI as requisitioned by IFCI on the reasons as mentioned above. |
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