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| Exchange Disseminated Time | Melstar Information Technologies Ltd has informed BSE that pursuant to a Share Sale & Purchase Agreement dated September 11, 2008 and subsequent Open Offer under the SEBI Takeover Code, YASH BIRLA GROUP COMPANIES viz Godavari Corporation PVT. Ltd, Nirved Traders PVT. Ltd & Shearson Investments & Trading Company PVT. Ltd acquired the equity shares of the face value of Rs 10/- each of the Company as stated below.
- From the Promoters & Persons acting in concert- 42,28,920 shares
- From the members of the Company under Open offer- 28,54,622 shares
Total - 70,83,542 shares
in total representing 49.59% of the paid up capital of the Company.
Consequently, YASH BIRLA Group Companies have now become the Promoter Group holding 70,83,542 (49.59%) equity shares of Rs 10/- each & also having Management Control over the Company.
In the Board of Director meeting held on April 22, 2009, the following Directors were appointed as Additional Directors with immediate effect.
1. Name - Mr. Yashovardhan Birla
- Designation : Chairman of the Board of Directors & the Company.
2. Name - Mr. P V R Murthy
- Designation : Director
3. Name - Mr. Anoj Menon
- Designation : Independent Director
The Board thereafter considered the letters of resignation given by the following members of the Board and accepted the resignation of such board members with immediate effect:
1. Name : Mr. Sattar Shaikh
- Designation : Executive Director
2. Name : Mr. Bharat Ramani
- Designation : Non Executive Director
3. Name : Mr. Anthony C Gale
- Designation : Non Executive Director
4. Name : Mr. Suresh Bansal
- Designation : Non Executive Director
5. Name : Mr. Ashokkumar Katial
- Designation : Independent Director
6. Name : Mr. Richard D'Souza
- Designation : Independent Director
The Board thereafter appointed Mr Richard D'Souza as the Chief Executive Officer of the Company with immediate effect. |
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