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| Exchange Received Time 26/05/2017 16:52:54 Exchange Disseminated Time 26/05/2017 16:53:01 Time Taken 00:00:07 | Dear Sir(s),
Pursuant to Regulation 33(3) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations 2015, we are pleased to submit the Audited Financial Results (Standalone and Consolidated) for the quarter and year ended March 31, 2017 together with the Unmodified Independent Audit Report which was reviewed by the Audit Committee and considered and approved by the Board at its meeting held on May 26, 2017 (Time of Commencement of Board Meeting was 12.30 p.m. and concluded at 4.30 p.m.) You are requested to take on record the above financial results for your reference and record.
Further, pursuant to SEBI Circular No. CIR/CFD/CMD/56/2016 dated May 27, 2016, we are enclosing herewith a declaration that the report of auditors does not have any modified opinion/ qualification/ adverse remark with respect to Audited Financial Results (Standalone and Consolidated) for the quarter and year ended March 31, 2017.
In compliance with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations 2015 read with Para A of Part A of Schedule Ill to the said Regulations, we wish to inform you that Audit Committee and Board of Directors of the Company at their respective Meetings held today i.e. May 26, 2017, subject to the approval of shareholders at the forthcoming Annual General Meeting (AGM), recommended the appointment of M/s Chaturvedi & Shah (Firm Registration No. 101720W) Chartered Accountants as a Statutory Auditor for a first term of 5 consecutive years, from the conclusion of forthcoming Annual General Meeting, in place of M/s. Walker Chandiok & Co LLP, Chartered Accountants (registration No. 001076N/N500013) the retiring Statutory Auditors of the Company.
Profile of new Auditor: Chaturvedi & Shah, Chartered Accountants (Firm Registration Number: 101720W) ("the firm") is one of the leading firms of Chartered Accountants in India having a national presence through its Head Office in Mumbai and branches at Delhi, Ahmedabad, Bengaluru, and Jamnagar.
The aforesaid change in Statutory Auditors of the Company is in compliance with the requirements of Section 139 of the Companies Act, 2013 read with the Companies (Audit and Auditors) Rules, 2014.
The Board of Directors at its meeting, subject to the approval of shareholder at the forthcoming Annual General Meeting, has approved and recommended a new employee Stock option plan 2017 for the employees of the company and its subsidiaries, which is in accordance with Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014.
We request you to kindly take note of the above.
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