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| Exchange Disseminated Time | Shree Rama Multi-Tech Ltd has informed BSE that the Board of Directors of the Company at its meeting held on December 29, 2005, inter alia, has approved the following businesses:
1. The Code of Conduct for Directors and Senior Management of the Company framed as a part of adherence to the Code of Corporate Governance under the Listing Agreement which will be effective from January 01, 2006.
2. Appointment of two directors viz Mr. Paresh, N. Vasani and Mr. Pathik C Shah. However, the lenders have opposed these appointments. Mr. K C Jani, the IDBI Nominee has voted against these appointments and Mr. Sharad C Patel and Mr. Vikram R Patel, the two directors had abstained from voting. The lenders have opposed these appointments on the ground that these appointments can not be made as there is no vacancy on the Board of Directors of the Company due to the fact that upon receipt of three nominations of directors from lenders, the present strength of Board has reached the maximum number of twelve directors. Further, the Board of Directors took on record three letters received from the lenders regarding nomination of their respective directors on the board of directors of the Company. The Board has decided to seek legal opinion regarding appointment of three Nominee Directors viz. Mr. T V Bhaskar (IIBI}, Mr. Rajkumar Jain (UTI Bank Ltd) and the Asset Reconstruction Company of India Ltd. Nominee and the said appointments will be become effective as per the legal opinion. However, Mr. K C Jani, the IDBI Nominee, clarified that lenders reserve the right to have their own legal opinion in this regards. |
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