Outcome of Board Meeting & Audit Committee Meeting

• Security Code: 532880
• Company: OMAXE

Omaxe Ltd has informed BSE that the Board of Directors of the Company at its meeting held on September 29, 2015, has considered /approved the following:

1. The Board reviewed and took note of the Cost Audit Report alongwith its Annexure submitted by the Cost Auditor M/s. S. K. Bhatt and Associates, Cost Accountant.

2. The Board noted and approved the investment of Rs. 50,000/- for acquiring 5000 Equity Shares of Rs. 10/- each into Special Purpose Vehicle i.e. Parkash Omaxe Amusement Park Private Limited and approved equal venture thereof for Real estate / development of Amusement Parks/ Entertainment Zones in the Projects / other places.

3. M/s. Omaxe Chandigarh Extension Developers Pvt. Ltd., Subsidiary Company has become the Material Subsidiary of the Company in terms of Clause 49 of the Listing Agreement. Accordingly, on the recommendation of Audit Committee, the Board considered and approved the appointment of Lt. Gen. (Retd.) Bhopinder Singh as an Independent Director on the Board of M/s. Omaxe Chandigarh Extension Developers Pvt. Ltd.

4. The Board noted and approved the availing/granting of Personal Guarantee / Corporate Guarantee/ Securities from various Promoters/ Subsidiaries/Associates/Group Companies for the financing facilities sanctioned, if any.

5. The Board, in terms of Policy of the Company on Related Party Transaction(s), Clause 49 of the Listing Agreement and Section 177 of Companies Act, 2013 approved Related Party Transaction(s) such as purchasing of shareholding for an amount aggregating to Rs. 8,40,000 (Rupees Eight Lakh Forty Thousand only) held by Related Party(s) in the three Group Companies namely, KashishBuildtech Private Limited (10,000 Equity Shares at a value whose book value of Rs. 34/- each whose book value is Rs. 33.71/- each involving the total investment of Rs. 3,40,000/-), ShikharLandcon Private Limited (10,000 Equity Shares at a value of Rs. 25/- each whose book value is Rs. 24.25/- each involving the total investment of Rs. 2,50,000/-) and Kamini Builders and Promoters Private Limited (10,000 Equity Shares at a value of Rs. 25/- each whose book value is Rs. 24.60/- each involving the total investment of Rs. 2,50,000/-), thereby making them Wholly Owned Subsidiaries.