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| Exchange Disseminated Time | Alps Industries Ltd has informed BSE that the Board of Directors of the Company at its meeting held on May 29, 2010, inter alia, has approved the following matters:
1. Notice convening the 38th Annual General Meeting of the Company.
2. Due to health reasons, Mr. K. K. Agarwal, Director and Non - Executive Chairman of the Company has resigned w.e.f. May 20, 2010. In view of his vast experience, he has been appointed "Chairman Emeritus" to extend guidance to the Company as and when required w.e.f. May 21, 2010.
3. Recommendation for re-appointment of M/s. P. Jain & Co. as Statutory Auditors of the Company.
4. As the net worth of the Company has been eroded due to loss in the current period, the Company has become a "Sick Industrial Company" as defined under section 3(o) of the Sick Industrial Companies (Special Provisions) Act, 1985 (SICA). Reference under section 15 and other applicable provisions of the SICA will be made in accordance with the provisions of the Act.
5. As there are no GDRs outstanding, the Company proposes to delist from the Luxembourg Stock Exchange. The listing and trading of equity snares on Indian Stock Exchanges (BSE & NSE) will not be affected. |
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