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| Exchange Disseminated Time | Accel Frontline Ltd has informed BSE that :
1. As disclosed vide the earlier letter dated March 20, 2016, the Board of Directors of the Company at their meeting on March 20, 2016 had suspended Mr. N.R. Panicker from his position as Executive Chairman of the Company with immediate effect, based on discussions on the Special Audit (Review) Report.
2. The term of Mr. N. R. Panicker as director of the Company has ended on March 31, 2016.
3. M/s. Accel Limited represented by its Chairman - Mr. N.R Panicker has filed a Company petition under section(s) 397, 398, 402, 403 and 406 of the Companies Act, 1956 before the Company Law Board, Chennai Bench, wherein inter-alia the Company (M/s. Accel Frontline Limited'), all its present Directors, Company Secretary, and Chief Financial Officer, have been named as party respondents.
There are no financial implications expected/immediately arising from the same. |
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