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| Exchange Disseminated Time | GTL Infrastructure Ltd has informed BSE that the Board of Directors of the Company at its meeting held on April 29, 2011, inter alia, has considered and approved the following items of business:
1. The Company is in the process of amalgamation of Chennai Network Infrastructure Ltd (CNIL) with itself. Both the Companies have filed Petitions before the Hon'ble High Courts for sanction of the Scheme of Arrangement between CNIL and the Company and their respective shareholders. The Company expects to complete the amalgamation of CNIL with itself by June, 2011. As an outcome of the amalgamation, the Company believes that the financial statements of the merged entity will provide a fair representation of the financial position of the Company post merger in comparison to standalone financial statements of the Company and CNIL. Thus with a view to provide consolidated position of the Company and CNIL after merger, the Board of Directors of the Company has extended its Financial year / accounting year from March 31, 2011 to June 30, 2011 consisting of fifteen months period.
2. The Board of Directors on April 29, 2011 appointed Mr. A. Ravi as an Additional Director of the Company with immediate effect. Further, the Board has also appointed Mr. A. Ravi as the Whole-time Director and Chief Executive Officer of the Company with effect from May 02, 2011.
With the appointment of Mr. A. Ravi as the Whole-time Director and CEO, Mr. Prakash Ranjalkar would simultaneously relinquish his position as CEO and would continue as a Whole-time Director. Mr. Prakash Ranjalkar will support the Company and the Group in its strategic initiatives and furtherance of the Group's business. |
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