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| Exchange Disseminated Time 23/12/2017 17:53:21 | California Software Company Ltd has informed BSE that the Board of Directors of the Company at its meeting held on December 23, 2017, has approved the following;
1. Approved the appointment of Mr. Prashant Khattar, B.Tech, MBA as an Additional Director of the Company. Mr. Prashant Khattar is Founder and Managing Director of Infinia Solutions and Services PTE Limited (www.infiniasns.com). Mr. Prashant Khattar has more than 15 years of professional experiences include Head of product development and affluent platforms across Asia Pacific, Middle East and Africa for MasterCard International, Head of retail products for Ahli Bank in Bahrain, Head of Cards for Gulf Bank in Kuwait and Head of Consumer Card products for American Express in India.
2. Approved the appointment of Ms. Keerti Saraswat, MBA as an Additional Director. Mrs. Keerti Saraswat is founder of Web Recital Solutions (WebRecSol). She has more than 10 years of experience in Online IT Ventures.
3. Approved the Resignation of Mr. Fredrick Ivor Bendle, Mr. P.J. George and Ms. Vijayapriya Narayanan as Directors of the Company.
4. Approved the Appointment of Dr. M. Vasudevan as Chief Executive Officer (CEO) of the Company.
5. Approved Splitting of Equity Shares of Rs. 10/- each to Rs. 2/- and also convening an EGM for getting shareholders approval.
6. Approved the Issuance of 38,00,000 Equity Shares at a price of Rs.100/- each (Which includes premium of Rs.90/-) on Preferential Allotment Basis to Mr. Prashant Khattar for the exchange of his 60% fully diluted equity shares of Infinia Solutions and Services PTE Limited (Share swapping Transaction).
7. Approved the conversion of unsecured Loan of Rs. 35,10,80,000/- in to 35,10,800 Optionally Convertible Redeemable Preference Shares (OCRPS) at a price of Rs.100/- each (Which includes premium of Rs.90/-) to Chemoil Advanced Management Services Private Limited (CAMS).
8. Approved the Sale of Shares of subsidiary Company i.e Aspire Communications Private Limited.
9. Approved the Issuance of Employee Stock Option (ESOP) as per SEBI (Share based Employee Benefits) regulations.
Further, the existing board do not have any relationships with the newly appointed Directors. The date of appointment of newly appointed Directors w.e.f. December 23, 2017 and they hold office upto the date of forthcoming General Meeting of the Company to be held for financial year March 31, 2018.
The Board meeting commenced at 2.30 pm and concluded at 5.00 pm. |
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