ANSAL PROPERTIES and INFRASTRUCTURE LTD. - Outcome of Board Meeting
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| 14 Aug 2014 | |
| Ansal Properties and Infrastructure Ltd has informed BSE that the Board of Directors of the Company at its meeting held on August 12, 2014, inter alia, has transacted the following:<br/><br/>1. The Board of Directors of the Company has approved the following policies / criteria, to comply with requirements of the Companies Act, 2013 and Rules made there under and new Clause-49 of the Listing Agreement:<br/><br/>- Criteria of making payment to Non-Executive Directors of the Company <br/>- Board Diversity <br/>- Vigil Mechanism / Whistle Blower<br/>- Remuneration of Directors, Key Managerial Personnel and Other Employees<br/>- Related Party Transactions<br/>- Material Subsidiary Companies<br/>- Code of Conduct for Directors (including Independent Directors) and Senior Management<br/>- Criteria for Performance Evaluation of Board and Independent Directors<br/><br/>Apart from the aforesaid matters, the Board of Directors of the Company has approved the following items, subject to compliance of all applicable Law/s.<br/><br/>a. Re-appointment of Shri Sushil Ansal, Chairman and Whole Time Director of the Company for a further period of 5 (five) years w.e.f. the April 01, 2015 to the March 31, 2020.<br/><br/>b. Re-appointment of Shri Anil Kumar, Joint Managing Director and CEO of the Company for a further period of 5 (five) years w.e.f. the April 01, 2015 to the March 31, 2020.<br/><br/>c. Appointment of following existing Non-Executive Independent Directors on the Board of the Company as Independent Directors, for a period of five consecutive years w.e.f. September 29, 2014:-<br/><br/>- Shri Dharmendar Nath Davar<br/>- Shri Prithvi Raj Khanna<br/>- Dr. Ramesh Chandra Vaish<br/>- Dr. Lalit Bhasin<br/>- Dr. Prem Singh Rana<br/><br/>d. Alteration in the Articles of Association of the Company to provide that all Executive Directors' (including Managing Director, Joint Managing Director and Whole Time Director/s) period of office shall be liable to determination by retirement by rotation, annually.<br/><br/>e. Insertion of an Article in the existing Articles of Association of the Company to ensure that the Articles of Association of the Company are in compliance with the Companies Act, 2013 and Rules framed there under.<br/><br/>f. Confirmation and approval from the shareholders in respect of authorizing the Board for payment of up to 1% Commission to Non-Executive Directors for the Financial Year commencing from the April 01, 2014 till the March 31, 2015 in compliance with the provisions of the Companies Act, 2013 and Rules made there under.<br/><br/>g. Approval from the shareholders in respect of authorizing the Board for payment of up to 1% Commission to Non-Executive Independent Directors, which shall be in addition to the sitting fees, for each of the years for a period of Five Years from the Financial Year commencing from the April 01, 2015, in terms of the provisions of the Companies Act, 2013 and rules framed there under.<br/><br/>h. Appointment of M/s. S. S. Kothari Mehta and Company, Chartered Accountants as Statutory Auditors of the Company from the conclusion of the ensuing Annual General Meeting (AGM) till the conclusion of next AGM of the Company to be held in the year 2015 and to fix their remuneration. | |
| View all announcements for ANSAL PROPERTIES and INFRASTRUCTURE LTD. | Source: BSE India |
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