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| Exchange Disseminated Time | 3M India Ltd has informed BSE that the Board of Directors of the Company at its meeting held on June 18, 2007, has approved the following:
Indian Promoters of the Company, Shearson Investment & Trading Company Pvt Ltd and Godavari Corporation Pvt Ltd during the period May 07, 2007 to June 01, 2007 in separate transactions sold 6,98,037 (representing 6.20% of the paid up and issued equity share capital) equity shares of the Company in the open market. Consequent to this, Shearson Investment & Trading Company Pvt Ltd and Godavari Corporation Pvt Ltd ceased to be a Promoter of the Company. It was also noted that, though not as a Promoter of the Company, Shearson Investment & Trading Company Pvt Ltd and Godavari Corporation Pvt Ltd, together hold 1,12,863 (representing 1% of the paid up and issued equity share capital) equity shares of the Company as per their disclosures made to the Company.
Mr. Yashovardhan Birla, resigned as a Director and Chairman of the Board of Directors of the Company with effect from June 06, 2007 and in his place a Non-Executive Director Mr. Thomas P Spencer has been appointed as Chairman of the Board of Directors of the Company.
Ms. Mary B McCormick stepped down as Director of the Company effective June 18, 2007 and Mr. Richard L Becker assumed office as Director of the Company effective June 18, 2007 in the casual vacancy caused by the resignation of Ms. Mary B McCormick. |
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