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| Exchange Received Time 29/08/2017 18:27:51 Exchange Disseminated Time 29/08/2017 18:27:55 Time Taken 00:00:04 |
The Board of Directors has, at its meeting held on 29.5.17, recommended a dividend of Rupee one per share of Rs.10/- each for the financial year ended 31.3.17, subject to approval of the lenders as per the Corporate Debt Restructuring Scheme of the Company.
The resolution for declaration of dividend was passed by the shareholders at the 31st Annual General Meeting (AGM) held 28th August 2017, subject to condition that in the event of the lenders not approving the payment of dividend on or before the closing hours of the 31st AGM, this resolution of payment of dividend shall not have any effect and need not be acted upon by the Company.
In this regard, we hereby inform that the lenders have not granted their approval as on the closing hours of 28th August 2017, for payment of dividend for the financial year 2016-17. Hence, the resolution for payment of dividend shall not have any effect and will not be acted upon by the Company.
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