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| Exchange Disseminated Time | Xchanging Solutions Ltd has informed BSE that the Board of Directors of the Company at its meeting held on November 07, 2014, inter alia, has considered and approved the following:
1. Reduction of share capital by return of Rs. 4.50/- per share to the shareholders of the Company thereby reducing the nominal value of the shares from Rs. 10 to Rs. 5.50 per share, subject to the approval of the regulatory authorities, shareholders and the High Court of Karnataka.
2. Appointed Mr. Alok Kumar Sinha as whole time director and as Chief Executive Officer of Xchanging Solutions Limited, the Indian listed subsidiary of Xchanging Pic., replacing Mr. Kenneth Lever. This change reflects the decision to increase the number of local directors. Mr. Kenneth Lever continues to be the Chief Executive Officer of Xchanging Pic., and there is no change in his role as director and CEO of Xchanging Pic.
3. The change in the designation of Mr. David Bauernfeind from whole time director to non-executive director and appointment of Mr, David Bauernfeind as Chairman of the Company.
The current composition of the Board of Directors of the Company is as follows:
- Mr. David Bauernfeind - Chairman
- Mr. Alok Kumar Sinha - whole time director & Chief Executive Officer
- Mr. Ashok Kumar - Independent Director
- Mr. Henry D’Souza - Independent Director. |
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