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| Exchange Disseminated Time | Future Market Networks Ltd has informed BSE that the Board of Directors of the Company at its meeting held on November 13, 2014, inter alia, has transacted the following:
1. Appointment of Mr. Kodukula Ayyanna Somayajulu as an Independent Director w.e.f. November 13, 2014.
2. Appointment of Ms. Udita Jhunjhunwala as an Independent Director w.e.f. November 13, 2014.
3. Taken on record the resignation of Mr. K. K Rathi from the Board of the Company w.e.f. November 13, 2014.
4. Taken on record the resignation of Mr. Rahul Saraf from the Board of the Company w.e.f. November 13, 2014.
5. Audit Committee is reconstituted by inducting Mr. Kodukula Ayyanna Somayajulu, an Independent Director in place of Mr. Rahul Saraf.
6. Share Transfer Committee is reconstituted by inducting Ms. Udita Jhunjhunwala, an Independent Director in place of Mr. K K Rathi.
7. Committee of Directors is reconstituted by inducting Mr. Sunil Biyani, Managing Director in place of Mr. K K Rathi.
8. Mr. Shailesh Doshi is appointed as Chief Financial Officer of the Company in place of Mr. Pawan Agarwal.
9. The Board resolved to sell following investments, subject to the approval of the Members by way of Postal Ballot:
a. Investment in Calcutta Riverside Project through Sale of Shares held by the Company in Calcutta Metropolitan Group Limited and River Bank Developers Private Limited for a total consideration of Rs. 33 Crores.
b. Sales of Shares held by the Company in Future Retail Destination Limited, the joint venture company for infra logistic business as its exit strategy from this business.
The Board authorized the Committee of Directors to do all such acts and deeds as may be required for the sale of aforesaid investments, including but not restricted obtaining the consent of the members through Postal Ballot. The sale of investments shall not be made between related parties / promoters and the Company. |
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