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| Exchange Received Time 26/05/2017 16:46:36 Exchange Disseminated Time 26/05/2017 16:46:42 Time Taken 00:00:06 |
1. The Board of Directors of the Company at its meeting held today approved and took on record the Financial Results for Fourth Quarter and Annual Audited Standalone and Consolidated Financial Results for the year ended March 31, 2017.
Pursuant to Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are enclosing herewith the following as Annexure I:
a) Financial Results for Fourth Quarter and Annual Audited Standalone and Consolidated Financial Results the year ended March 31, 2016.
b) Auditors' Report on Standalone and Consolidated Financial Results.
c) Declaration regarding Audit Report with unmodified opinion.
2. The Board of Directors of the Company at their meeting held today recommended payment of dividend of Rs. 3.5/- (Rupees Three and Fifty Paise Only) per equity share of Re.1/- each of the Company for the year ended March 31, 2017, subject to the approval of the members at the ensuing Annual General Meeting of the Company.
The dividend is expected to be paid on or about last week of September, 2017.
3. The Board of Directors of the Company at their meeting held today approved Re-appointment of Mr. Dilip Shanghvi as the Managing Director of the Company for a term of five years from April 1, 2018 to March 31, 2023, subject to the approval of the shareholders of the Company at the ensuing Annual General Meeting. The brief profile of Mr. Dilip Shanghvi, as required under Regulation 30 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 are enclosed as Annexure II. Mr. Dilip Shanghvi is brother-in-law of Mr. Sudhir Valia, who is a Whole-time Director of the Company.
4. The Board of Directors of the Company at their meeting held today have accepted the resignation of Mr. Uday Baldota as the Chief Financial Officer of the Company w.e.f. June 19, 2017 since he would be shifting to United States of America, to look after the business of Taro Pharmaceutical Industries Limited, a subsidiary of the Company and the Board of Directors have appointed Mr. C. S. Muralidharan as the Chief Financial Officer of the Company w.e.f. June 19, 2017. The profile of Mr. C. S. Muralidharan as required under Regulation 30 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 is enclosed as Annexure III.
The meeting of the Board of Directors commenced on May 26, 2017 at 10:45 a.m. and concluded at 4:30 p.m.
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