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| Exchange Received Time 04/08/2017 19:26:48 Exchange Disseminated Time 04/08/2017 19:26:50 Time Taken 00:00:02 | Sub.: Change in Designation of Mr. V. V. Prasad & Change in Composition of Audit Committee and Remuneration Committee
In the Board Meeting held on August 4, 2017, Mr. Chi. V. V. Prasad informed the Board Members that he no longer qualifies as independent director in terms Section 149 (6) of the Companies Act, 2013 and Regulation 16(1)(b) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
In view of the above, the Board decided to reconstitute the following committees:
1) Audit Committee:
Mr. Chi. V. V. Prasad, who initially was a member of the Audit Committee, will no longer be a member of it.
2) Remuneration Committee:
It is clarified that Mr. V. V. Prasad was not a member of the Remuneration Committee. Further, Dr. Rajamohan Rao, Non-Executive Director has now been inducted as a member of the Remuneration Committee.
There is no change in the composition of the Board of Directors.
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