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| Exchange Disseminated Time | Indo Tech Transformers Ltd has informed BSE that the Board of Directors of the Company at its adjourned meeting held on March 06, 2009, inter alia, has considered and approved the following:
1. The sale of land, for a consideration of Rs 500.00 lakhs, situated at Old No.32 [New No.6] Sardar Patel Road, Guindy, Chennai 600032, was taken on record.
2. The Board declared a Second Interim Dividend of Rs 3.90 (39%) per equity share of Rs 10/- for the financial year 2008-09. The cash outflow on account of dividend and dividend distribution tax would be Rs 4,14,18,000/- and Rs 70,38,990/- respectively. The dividend is constrained to the extent of the sale proceeds of the land at Guindy as per the Public Announcement made by the Acquirer on December 06, 2008 - Para 15 H.
3. The Board inducted Mr. P. Velayudhan Pillai as Member of the Audit Committee in place of the Late Mr. A P Muthuswami.
4. The Board inducted Mr. K Kannan as Member of the Shareholders' Grievance Committee. Mr. P Velayudhan Pillai was elected as Chairman of the Shareholders' Grievance Committee. |
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