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| Exchange Disseminated Time | TV Today Network Ltd has informed BSE that the Board of Directors of the Company at its meeting held on May 14, 2014, has recommended dividend @ 20% on the paid-up capital of the Company that is Rs. 1.00 Per Share for the financial year 2013-14.
Further notice that the independent directors of the Company, viz. Mr. Rakesh Kumar Malhotra and Mr. Anil Mehsa have resigned from their office w.e.f. March 31, 2014 as they do not fulfill the new criteria of independence laid down in Section 149 of Companies Act, 2013. In Order to maintain the balance of independent and non-independent directors on the Board, Mr. Ashish Kumar Bagga and Mr. Dinesh Bhatia have also resigned vide a letter Of resignation Dated March 31, 2014. The resignation of all four directors was noted by the Board of Directors in the meeting held on May 12, 2014.
Further the Company inform that the Company, in its adjourned Board Meeting concluded on May 14, 2014, has appointed Mr. Dinesh Bhatia as the new Chief Financial Officer. The Board had also appointed Mr. Ashish Kumar Bagga as Chief Executive Officer w.e.f. April 01, 2014. Dr. Puneet Jain was holding the position of Chief Financial Officer from March 03, 12,.to till date, but in the light of new regulations and the requirements of Key Managerial Personnel, Dr. Puneet Jain will relinquish the charge of Chief Financial Officer with effect from May 14, 2014 and Dr. Jain will now continue to hold the position of Company Secretary & compliance officer.
Further the Board had allotted ESOP as per TVTN Employee stock option plan 2006:
1. Mr. Anil Mehra : 60,000
2. Mr. Samip Rajguru : 5,000
3. Mr. Vikrant Gupta : 7,500
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