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| Exchange Disseminated Time | McNally Bharat Engineering Company Ltd has informed BSE that the Board of Directors of the Company at its meeting held on May 30, 2015, inter alia, has:
1. Recommended dividend @ 11.5% on preference shares out of the free Reserves of previous years in compliance of the provisions of the Companies Act, 2013.
However, in absence of profit for the current Financial year 2014-15, the Board of Directors has considered it prudent not to recommend any dividend on Equity Shares for the year ended March 31, 2015, as a measure of conservation.
2. Further in respect of the qualification/ Reservation made by the Statutory Auditors in their report on the Audited accounts of the Company as on March 31, 2015 pertaining to payment of managerial remuneration for the year 2014-15, The Company has informed that the Company is in process of taking necessary approval from its shareholder through a special resolution as well as from the Central Government/ National Company Law Tribunal, wherever required.
3. Further in respect of the qualification/ Reservation made by the Statutory Auditors in their report on the Consolidated Audited accounts of the Company as on March 31, 2015, pertaining to the disposal of 70% of its investment in one of its step-down subsidiaries in Germany for EURO 14 million on March 24, 2015, for which sales consideration is to be received on or before September 30 2015, the Company has informed that, the management feels the sales consideration will be received within the due date. |
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