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| Exchange Disseminated Time | HMT Ltd has informed BSE that the Company being a Government Company, all the Directors are to be appointed by the Government (President of India). The Company has taken necessary action, especially with regard to the composition of the Board with 50% Independent Directors, well in advance of the stipulated time i.e. December 31, 2005, and accordingly two Part-time Non-Official (Independent) Directors were appointed by the Government during October, 2005.
However, the Government also appointed two Whole time Directors during October 2005 by which the strength of the Board increased and the number of Independent Directors appointed by the Government was not sufficient. The Company has requested the Government to appoint one or two more Independent Directors on the Board of the Company. The process of appointment of Independent Directors by the Government is underway and is in the advanced stage. |
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