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| Exchange Disseminated Time 20/02/2017 16:21:14 | Varun Beverages Ltd has informed BSE that the Board at its meeting held on February 20, 2017 transacted, inter alia, the following businesses:
1. Pursuant to Section 139 of the Companies Act, 2013 and Rules made thereunder, it is mandatory for the Company to rotate the current statutory auditors on completion of a maximum term permitted under the said Section. Accordingly, on the proposal of the Audit Committee of the Company, the Board has, at its meeting held today i.e. February 20, 2017, recommended the appointment of M/s. APAS & Co., Chartered Accountants as the Joint Statutory Auditors of the Company. M/s. APAS & Co. will hold the office for a period of 5 (five) consecutive years from the conclusion of the 22nd Annual General Meeting of the Company scheduled to be held in the year 2017 till the conclusion of the 27th Annual General Meeting to be held in the year 2022, subject to the approval of shareholders of the Company.
2. Pursuant to Section 71 and Section 42 of the Companies Act, 2013 read with Companies (Share Capital & Debenture) Rules, 2014 and Companies (Prospectus & Allotment of Securities) Rules, 2014, the Board has approved issuance and allotment of listed, redeemable, secured/unsecured Non-Convertible Debentures upto Rs.3,000,000,000 (Rupees Three Billion Only) on private placement basis, in one or more tranches.
3. Considering the growth potential and profitability, the Board has, subject to various consents, approvals from various Statutory and Regulatory Authorities, if any, approved and authorised the Directors to increase the shareholding of Varun Beverages (Zambia) Limited from the existing 60% upto 90% by acquiring further 15,000 shares.
4. In view of very small scale of operation and losses, the Board has approved and authorised the directors to divest the 41% equity stake of the Company in Varun Beverages Mozambique Limitada. |
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