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| Exchange Disseminated Time | GTL Ltd has informed BSE that the Board of Directors of the Company at its meeting held on April 01, 2011, inter alia, has considered and approved the following:
1. The Company has made investment to the extent of about Rs. 1,500 Crore in Chennai Network Infrastructure Ltd (CNIL), a special purpose vehicle formed by GTL Infrastructure Ltd (GIL), for purchase of a portfolio of 17,500 telecom tower assets from Aircel Ltd, Aircel Cellular Ltd and Dishnet Wireless Ltd (Aircel). Consequent to the completion of the said purchase transaction in July 2010, with the approval of the Boards, both GIL and CNIL are in the process of merging CNIL with GIL with effect from August 01, 2010, subject to necessary statutory approvals. Thus with a view to fully incorporate the accounting of its investment in Chennai Network Infrastructure Ltd in the merged entity viz GIL, the Company has extended its financial year / accounting year from March 31, 2011 to June 30, 2011 consisting of fifteen months period.
2. Further to the approval accorded by the shareholders by way of passing of Special Resolution through Postal Ballot for carrying on the business of energy management, the Company has been awarded power distribution franchise contract by MSEDCL for designated Aurangabad Distribution Franchise area comprising of Aurangabad Urban Divisions I and II.
Furthermore, during the last twelve months the Company has entered into long term contracts in Energy Management business with various telecom operators. The Company has put in place senior professional management to administer the existing and new businesses. Consequently Mr. Manoj Tirodkar has been re-designated as Non Executive Chairman instead of Executive Chairman & Managing Director with effect from April 01, 2011. This does not in any way impact the ownership or control of Mr. Manoj Tirodkar in the Company. |
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