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| Exchange Disseminated Time 03/11/2015 20:10:45 | Den Networks Ltd has informed BSE that the Board of Directors of the Company at its meeting held on November 03, 2015, inter alia, has considered and approved the following:
1. Resignation of Mr. Shahzaad S Dalal, Nominee Director of the Company and vacation of office of Mr. Krishna Kumar, Alternate Director to Mr. Shahzaad S Dalal;
2. Appointment of Mr. Krishna Kumar as Non Executive Nominee Director of the Company;
3. Appointment of Dr. Archana Hingorani as Non Executive Nominee Director subject to approval of the Ministry of Information and Broadcasting ("MIB") and statutory authorities, if any.
4. The Board considered that the Company has already got the approval from the Foreign Investment Promotion Board, Ministry of Finance. ("FIPB") dated August 14, 2015 for increase in Foreign Investment Limit in the Company beyond 49% and up-to 74% by FIIs, NRIs, FPls and other eligible foreign investors through the route of secondary market / open market purchase. The Board approved for filing of application to FIPB for modification of the aforesaid approval to include Primary Market route as well. The Primary Market route shall include issuance of long term Securities including Equity, quasi equity, GDR, QIP, FCCB, preferential allotment, Bonds or any other appropriate Securities, subject to the approval of the shareholders and all other applicable laws and statutory approvals, as may be required. |
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