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| Exchange Disseminated Time | Diamond Power Infrastructure Ltd has informed BSE that the Board of Directors of the Company at its meeting held on May 30, 2015, inter alia, has transacted following businesses:
1. Board Level Changes:
i. The Board took on record the resignation of Company’s founder & Chairman of the Company Mr. Suresh N Bhatnagar, after an illustrious service of 45 years to the Company. The Board Place on Record his visionary and illustrious service to the Company, he was invited as a permanent invitee to the board of the Company and designated as Mentor.
ii. The Board took on record the Appointment of Miss Nivedita Pandya as an Additional Woman Director on the Board of the Company.
iii. The Board appointed Mr. Jaideep Nigam as an Additional Independent Director on the Board of the Company.
iv. The Board Accepted the resignation of Mr. Ashwini Sahoo as Director of the Company and placed on record appreciation for his 7 years tenure on the Board of the Company & wished.
2. Change in Statutory Auditors of the Company:
The Company's Directors approved the appointment of BSR & CO LLP (KPMG Group) as statutory Auditors of the Company subject to approval of the shareholders in the ensuing Annual General Meeting of the Company. Further, Board placed on record the services extended by M/s Vijay Tewar and Co for Last 12 years.
3. Allotment of Equity to Promoters & Companies Bankers :
a) The Board passed enabling resolution relating to issue of Securities to the promoters of the Company aggregating to Rs. 66.14 crores on preferential basis in compliance with the Joint Lenders Forum Requirements of the companies renegotiated debt, it may be noted that this is subject to relevant approval from Shareholders through Postal Ballot Process under Companies Act, 2013, SEBI and other regulatory authorities.
b) An enabling resolution has been passed by the Company's board permitting its lenders to convert their Loans partially into equity as and when required, subject to necessary approvals from Shareholders through Postal Ballot Process under Companies Act, 2013, SEBI and other Regulators.
4. Alteration of Articles of Association of the Company:
The Board of Directors of the Company passed resolution, subject to the approval of Shareholders of the Company through Postal Ballot Process under Companies Act, 2013, for Alteration of Articles of Association of the Company by way of adopting new sets of Articles.
5. Appointment of Chief Financial Officer:
Mr. Nabha Mukherjee A Chartered Accountant 24 years of experience in managing overall finance & accounts function with started planning forex management, taxation, M&A, due diligence, budgeting, consolidation, commercial operations, Internal audit, internal controls, risk assessment and statutory compliances. He started his careers with Lovelock & Lewes, worked for Tata Sponge iron Ltd for 14 years, has since worked with Jindal steel & Power Ltd, KLT Automotive & Tubular Products Ltd and EMCO Ltd in various Positions last being CFO or a large sized Corporate, Mr Mukherjee will be reporting to the Board of the Director of the Company, the Company is confident that with his joining the Company will substantially gain with his strategic finance expertise.
6. Other Material Developments
i. The Company's expansion Projects has been now fully funded by its existing Lenders & expected to be completed by Dec 2015.
ii. The Company has signed a Master Restructuring Agreement (MRA) on May 29, 2015 paving way for release of Fresh Working capital limits, passing on of Interest concessions and other benefits of the Company in the current quarter.
7. Management Guidance for Next Year:
The Company had appointed leading Consultants Mott Macdonald to work out future guidance for the Company, after a detailed verification of the Plant capacity, due diligence on Markets and Projections. |
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