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| Exchange Disseminated Time | Mangalore Chemicals & Fertilizers Ltd has informed BSE that the Board of Directors of the Company at its meeting held on May 06, 2016, inter alia, has considered and approved the following:
- Appointment of Mr. D A Prasanna as Independent Director. Mr. Prasanna is Founder Chairman of Ecron Acrunova CRO who is an alumnus of IIM, Ahmedabad. Mr. Prasanna has held many positions like CEO, MD and Executive Chairman in the companies like Wipro, GE - BEL and GE Healthcare and others.
Pursuant to the directions of the Audit Committee at its meeting held on March 09, 2016, the Company had engaged M/s Ernst & Young LLP to carry out forensic investigation into:
a. investments of Rs. 200 crores in to Bangalore Beverages Limited by way of subscription to its preference shares,
b. various advances made by the Company to United Breweries (Holdings Limited of which a sum of Rs. 16.68 crores is outstanding as of March 31, 2016.
Upon completion of its investigations, M/s. Ernst & Young LLP has made a presentation to the Board of Directors at its meeting held on May 06, 2016 to the effect that the aforesaid transactions may have involved irregularities and elements of mismanagement in the Company.
The Company is taking necessary legal advice in connection with the findings of M/s. Ernst & Young LLP. |
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