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| Exchange Disseminated Time | Coromandel Engineering Company Ltd has informed BSE that the Board of Directors of the Company at its meeting held on April 29, 2014, has considered, approved and authorised the following:
- Mr. M.M. Venkatachalam, Chairman and Managing Director resigned from the post of Managing Director with effect from close of business hours of April 29, 2014. However he will continue to be a Director of the Company. Mr. A. Suryanarayan was appointed as Manager with effect from April 30, 2014.
For meeting the expected increase in borrowing to support the Company's planned business activities, the Board decided to seek necessary shareholders approval through postal ballot pursuant to Section 110 of the Companies Act, 2013 read along with Companies (Management and Administration) Rules, 2014 for the following items:
a) to enhance the borrowing Limits;
b) to create mortgage/charge on the properties/assets of the Company.
The Company will be shortly approaching the Shareholders through Postal Ballot for necessary approvals. |
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