Outcome of Board Meeting

• Security Code: 513303
• Company: MDRNSTL

Modern Steels Ltd has informed BSE that the Board of Directors of the Company at its meeting held on August 26, 2014, inter alia, has decided the following;

1. The Board members on the recommendations of the Nomination and Remuneration Committee approved the appointment of Prof. Priyavrat Thareja & Dr. Lalit K. Bansal as Additional Non Executive Independent Directors on the Board of Directors of the Company.

2. Subject to the approval of shareholders at the forthcoming Annual General Meeting, the Board members on the recommendations of the Nomination and Remuneration Committee approved the appointment and remuneration of Mr. Amarjit Goyal under the Companies Act, 2013 w.e.f. April 01, 2014 as Chairman & Whole Time Director of the Company not liable to retire by rotation for a period of 3 years.

3. Subject to the approval of shareholders at the forthcoming Annual General Meeting, the Board members on the recommendations of the Nomination and Remuneration Committee approved the appointment and remuneration of Mr. Krishan Kumar Goyal under the Companies Act, 2013 w.e.f. April 01, 2014 as Mg. Director & CEO of the Company liable to retire by rotation for a period of 3 years.

4. Mr. Aditya Goyal shall be retiring at the forthcoming Annual General Meeting as Director and on the recommendations of the Nomination and Remuneration Committee & subject to the approval of shareholders at the forthcoming Annual General Meeting, recommended the re-appointment of Mr. Aditya Goyal, as a Director retiring by rotation.

5. Subject to the approval of the shareholders at the forthcoming Annual General Meeting the Board recommended the appointment of Mr. D.S. Gill as nonexecutive independent director of the Company for a period of 3 years under the provisions of Companies Act, 2013 from the date of the Annual General Meeting. Prof. T. N. Kapoor and Mr. Ramesh C. Jain, Non Executive independent directors have expressed their desire not to seek the appointment.

6. Subject to the approval of shareholders at the forthcoming Annual General Meeting, the Board members on the recommendations of the Nomination and Remuneration Committee approved the appointment and remuneration of Mr. P. L. Talwar under the Companies Act, 2013 w.e.f. April 01, 2014 as Whole Time Director of the Company liable to retire by rotation for a period of 3 years.

7. Subject to the approval of the shareholders at the forthcoming Annual General Meeting appointed M/s. Aaryaa & Associates as Statutory Auditors of the Company in place of M/s. A. Goel & Associates who retire at the forthcoming Annual General Meeting.