|
| Exchange Disseminated Time | TVS Electronics Ltd has informed BSE that the Compensation Committee of the Board of
Directors of the Company held on August 27, 2008, the issue of Employees Stock Purchase Plan (ESPP) to its employees and the employees of TVS Investments Ltd, the holding Company was discussed.
The Committee recommended issue of shares up to 450000 equity shares under ESPP at a
price of Rs 27/- per share to the eligible employees as approved by the Committee. The shares will have lock-in period of 12 months for 20% of the shares allotted, 24 months for
30% of the shares allotted and 36 months for 50% of the shares allotted.
The Committee further recommended constitution of TVS Electronics Ltd Employees Welfare Trust for administering / fund the Stock Purchase Plan.
The Board approved the recommendation of the Committee and necessary resolution(s) will
be passed for approval of ESPP scheme, issue of shares to the Employees under Section
81(1A) of the Companies Act, 1956 at a general meeting to be convened by the Company.
Further the Company has informed that, Mr. Venu Srinivasan has resigned as Chairman and also as Director of the Company and Mr. T K Balaji resigned as Director of the Company and the same has been taken on record by the Board of Directors at their meeting held on August 27, 2008. |
|
|