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| Exchange Disseminated Time | TVS Electronics Ltd has informed BSE that the Board of Directors of the Company at its meeting held on November 10, 2011, inter alia, has transacted the following:
1. Acquisition of certain businesses
The Company had earlier informed vide its letter dated July 23, 2011, the steps it proposed to take for its growth strategy like building solution and services capabilities, for providing enterprise solutions and managed services to customers in sectors like Banking, Financial services, Retail, Hospitality, Health Care, etc.,
The Board of Directors in the meeting held on November 10, 2011 has accordingly taken a decision to acquire from TVS-E Servicetec Limited, certain of its growth businesses together with customer contracts, assets, systems and processes and other rights, subject to requisite consents effective October 01, 2011.
As part of its growth initiatives, the Company in addition to its existing product portfolio of Transaction Automation products will provide one stop shop for its customers offering end to end Products, Services, Solutions and Support. The Company has over the years built service and support infrastructure in this direction.
2. Directors
(i) Mr. S. S. Raman, Managing Director, is retiring with effect from the close of working hours on December 31, 2011. The Board has accepted his request. Consequently he will cease to be Managing Director and Director of the Company with effect from the close of working hours on December 31, 2011.
(ii) The Board has at its meeting held on November 10, 2011 inducted Mr. Praveen Chakravarty and Mrs. Srilalitha Gopal as Additional Directors on the Board of Directors of the Company.
Mr. Praveen Chakravarty will be an Independent Director and Mrs. Srilalitha Gopal will be a Non Independent Director of the Company. |
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