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| Exchange Disseminated Time | INEOS ABS (India) Ltd has informed BSE that the Board of Directors of the Company at its meeting held on March 01, 2012, inter alia, has been approved the following agenda:
A. Post Open Offer Status - Change of Controlling Interest in the Company
1. Styrolution (Jersey) Limited is holding 15,356,780 no. of fully paid-up Equity Shares constituting 87.33 % of fully paid-up Equity Share capital of the Company w.e.f. March 1, 2012.
2. A relevant disclosure from Styrolution (Jersey) Limited under Takeover Regulations, 2011 and SEBI (Insider Trading) Regulations, 1992, have been received.
B . Changes among Directorship:
Consequent to change in controlling interest and acquisition of major shareholding by Styrolution (Jersey) Ltd, effective from March 1, 2012, the Board of Directors of the Company at the meeting held on March 1, 2012 has approved and noted the following:
1. INEOS Nominee - Dr. Gerhard Franken, Chairman has resigned from the Directorship of the Company.
2. INEOS Nominee - Mr. Andrew Pizzey - Director has resigned from the Directorship of the Company.
3. Styrolution Nominee - Mr. Hyung Tae Chang has been inducted on the Board as Chairman / Director to fill casual vacancy arose due to resignation of Dr. Gerhard Franken.
4. Styrolution Nominee - Mr. MyungSoek Chi has been inducted on the Board as Director to fill casual vacancy arose due to resignation of Mr. Andrew Pizzey.
5. Mr. Sushil Roy Fonseca has been appointed as Alternate Director to Mr. Hyung Tae Chang.
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