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| Exchange Disseminated Time | Future Market Networks Ltd has informed BSE that the Board of Directors of the Company at its meeting held on May 30, 2013, inter alia, has transacted the following:
1. Changes in Board and Committees :
a. Mr. Ameet Naik, Independent Director, has been appointed as the Chairman of the Company.
b. Taken on record the resignation of Mr. P. L. Agarwal as the Director of the Company and consequently Chairman of the Audit Committee.
c. Taken on record the resignation of Mr. Sumit Dabriwala, as the Managing Director of the Company. However, Mr. Sumit Dabriwala, will continue to be a Non-Executive Director on the Board of the Company.
d. Mr. Sunil Biyani is appointed as the Managing Director in terms of Section 269 and other applicable provisions of the Companies Act, 1956 for a period of 5 years commencing from May 30, 2013 to May 29. 2018. Mr. Sunil Biyani will not be drawing any remuneration during his tenure as the Managing Director of the Company. The appointment shall be subject to the approval of shareholders.
e. Mr. Vijai Singh Dugar, independent director, has been appointed as the Chairman of the Audit Committee.
f. Compensation and Nomination Committee is reconstituted by inducting Mr. Ameet Naik, independent Director in place of Mr. P. L. Agarwal.
g. Shareholders / investors Grievance Committee is reconstituted by Inducting Mr. Ameet Naik, Independent Director iIn place of Mr. P. L. Agarwal.
h. Committee of Directors of the Board is reconstituted by inducting Mr. Vijai Singh Dugar in place of Mr. Sumit Dabriwala.
2. Disposal of premises :
The Board also noted and taken on record the Memorandum of Understanding (MOD) entered by KB Mall Management Co Ltd (KB Mall), Nishta Mall Management Co Pvt Ltd (Nishta), the wholly owned subsidiaries of the Company, to sell the immovable property admeasuring 302737 sq ft, entitled with KB Mall (K B Mall Premises) and 18,400 sq ft entitled with Nishta (Nishta Mall Premises) aggregating to 321137 sq ft situated at Rajpur-Hirpur (sim), Taiuka Ahmedabad (East), in the Registration District Ahmedabad and Sub District Ahmedabad - 7 (Odhav) for a total consideration of Rs. 171 Crores. The transaction is subject to finalization of definitive documents and legal due diligence to be conducted by the prospective buyer. In view of the approved Scheme of Amalgamation with KB Mall and the Company, the sale proceeds in respect of KB Mall Premises shall be directly paid to the Company since the rights and obligations under the MOU transferred and vested now with the Company. The sale proceeds shall be utilized to prepay the existing term loans availed by the Company from Banks. |
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