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| Exchange Disseminated Time | With reference to earlier announcement regarding Outcome of Board Meeting held on May 29, 2010, Alps Industries Ltd has now informed BSE that due to oversight the Company had included the agenda item related to the resignation from the position of directorship and subsequently appointment as Chairman Emeritus but which was dropped at the meeting as the other members requested Mr. K.K. Agarwal to continue in his existing position i.e. as a director and Non executive Chairman and the same was accepted by him.
The board considered and passed the following matters only along with other matters incidental thereto :
1. Recommendation for re-appointment of M/s. P. Jain & Co. as Statutory Auditors of the Company.
2. As the net worth of the company has been eroded due to loss in the current period, the Company has become a "Sick Industrial Company" as defined under section 3(o) of the Sick Industrial Companies (Special Provisions) Act, 1985 (STCA). Reference under section 15 and other applicable provisions of the SICA will be made in accordance with the provisions of the Act.
3. As there arc no GDRs outstanding, the Company proposes to delist from the Luxembourg Stock Exchange. The listing and trading of equity shares on Indian Stock Exchanges (BSE & NSE) will not be affected. |
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