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| Exchange Disseminated Time 24/05/2016 20:21:10 | NRB Bearings Ltd has informed BSE that the Board of Directors of the Company at its meeting held on May 24, 2016, inter alia, has approved the following:
1. The Board of Directors in their meeting held on May 24, 2016, has decided that no final dividend be declared and that the interim dividend declared on March 10, 2016 be treated as the final dividend for FY 2015-16.
2. Issue of listed un secured redeemable non convertible debentures of Rs. 20 crores on private placement basis
- The approved the issue of the second tranche of Rs.20 crores of unsecured NCDs on private placement basis.
3. Executive Chairman - Term expires on September 30, 2016
- The Board decided that considering the age of Mr. T S Sahney (Executive Chairman), on the expiry of his term on September 30, 2016, Mr. T S Sahney will give up his Executive position and operational role in favour of the present Managing Director and President Ms. H S Zaveri, who will be re-designated as Vice Chairman & Managing Director with immediate effect. The Board felt this would signal to all stakeholders, employees and the market participants about the succession planning in the company. The Board considering his stature and recognizing Mr. Sahney's wide experience and knowledge which is of immense benefit to the Company, confirmed he will continue as Chairman of the Board in Non Executive capacity w.e.f. October 01, 2016.
Further, the Meeting of the Board of Directors commenced at 2.15. p.m. and concluded at 7.15 p.m. |
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