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| Exchange Disseminated Time 29/07/2016 13:45:37 | Gem Spinners India Ltd has informed BSE that the Board of Directors of the Company at its meeting held on July 29, 2016, which commenced at 11.00 am and concluded at 1.00 pm, have considered and approved the followings:
1. The Board considered and approved the sale of Surplus Non-productive land situated at Perumalthangal Village, Chengalpattu Taluk, Kancheepuram District aggregating to 5 acres which is falling within the threshold limit of 20% of the Networth as defined under section 180(1)(a) of the Companies, Act, 2013. The sale is considered necessary to utilize the proceeds to meet the immediate emergency working capital commitments and other labour settlement.
2. The Board approved the Notice, Directors Report to the Shareholders along with Corporate Governance Report and the Secretarial Audit Report for the year ended March 31, 2016.
3. The Board appointed Mrs. Lakshmmi Subramanian as the Scrutinizer for E-voting and authorized Mrs. A. Vani to enter into the Tripartite Agreement with Depository and with RTA.
4. The Board Approved and recommends the re-appointment of Mr. R Veeramani, as Managing Director without Remuneration for a period of 3 years. |
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