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| Exchange Disseminated Time 14/12/2016 18:51:56 | McNally Bharat Engineering Company Ltd has informed BSE that the Board of Directors of the Company at its meeting held on December 14, 2016, inter alia, has
1. Appointed Mr. Srinivash Singh as the Managing Director (MD) of the Company with immediate effect. Mr. Singh has a track record of excellence in various areas.
2. Appointed Mr. Partha S. Bhattacharya as an Independent Director of the Company with immediate effect.
3. Taken on record the resignation of Mr. S.R. Dasgupta, an Independent Director of the Company. Mr. Dasgupta ceases to be a Director of the Company with immediate effect.
4. Discussed in detail the substantial changes in the business environment in last few months and the overall impact of these changes in the business of all the companies proposed to participate in the proposed merger of EMC Limited, McNally Bharat Engineering Company Limited and McNally Sayaji Engineering Limited with Kilbum Engineering Limited. On a careful consideration of all the aspects and angles of such changes in the business environment, the Board decided not to go ahead with the merger. In view of the said decision, the Board authorized the MD and the Whole Time Directors of the company, to look into a plan to infuse fresh equity into, the company upto an amount of Rs. 600 crores to further recapitalize the company. |
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