GATI LTD. - Financial Results For March 31, 2017

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GATI LTD. - Financial Results For March 31, 2017

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06 May 2017
Dear Sir, Sub: - Outcome of Board Meeting reg. This is to inform you that the Board of Directors of the company at its meeting held today i.e. on Saturday, May 06, 2017, inter-alia approved the following: 1) Pursuant to regulation 33 of SEBI (LODR) Regulation, 2015, the Audited financial results (Standalone & Consolidated) for the year ended March 31, 2017. 2) Recommendation of dividend @ 40% i.e., Rs. 0.80/- per equity share of Rs. 2/- each for the year ended March 31, 2017, which shall be paid within 30 days from the conclusion of the ensuing Annual General Meeting subject to approval of the shareholders of the company. 3) Allotment of 1,88,316 equity shares of Rs.2/- each on exercise of stock options under Employee Stock Option Scheme (ESOS) of the Company. Consequently, the Equity Share Capital of the Company has increased from 8,81,82,054 Equity Shares of Rs.2/- each aggregating to Rs. 17,63,64,108/- to 8,83,70,370 Equity shares of Rs.2/- each aggregating to Rs. 17,67,40,740/-. 4) Appointment of Mr. Manoj Gupta as the Chief Financial Officer (CFO) of the company with effect from 06-05-2017. Further, the brief profile of Mr. Manoj Gupta is enclosed herewith as follows: 'Mr. Manoj Gupta is a Chartered Accountant and Cost Accountant with 28 years of experience in global multi-million dollar organisations with Agri inputs, IT, FMCG, and Heavy engineering industries He has worked with UPL Limited, as Group CFO for the Global Seeds business prior to joining Gati. Prior to UPL, He has also worked with Integraph Consulting Private Limited, Emergent Genetics India Private Limited, Seminis Vegetable seeds (India) Private Limited Seed, Videocon Industries Limited, Crompton Greaves Limited and Britannia Industries Limited in various leadership roles.' 5) Pursuant to Regulation 30 of SEBI (LODR) Regulations, 2015, the Audit Committee and the Board of Directors at their meetings held on May 05, 2017, and May 06, 2017, respectively, has recommended the appointment of M/s. Singhi & Co. (FRN: 302049E), Chartered Accountants, as the statutory auditors of the company for a period of five (5) years, commencing from the conclusion of the 22nd Annual General meeting to be held in 2017 till the conclusion of the 27th Annual General Meeting of the company, subject to the shareholders' approval at the 22nd Annual General Meeting of the company, in place of the existing statutory auditors, M/s. R. S. Agarwala & Co., Chartered Accountants, Kolkata, in compliance with the mandatory rotation of auditors as per the provisions of the Companies Act, 2013. Further, the brief profile of M/s. Singhi & Co., Chartered Accountants is enclosed herewith as follows: 'Brief Profile of M/s. Singhi & Co. Legal Status: Singhi & Co. (FRN 302049E) is a partnership firm of Chartered Accountants, which has been in profession for several decades. Offices: The firm has offices in 7 cities in India with over 500 people. The locations are Kolkata, New Delhi, Mumbai, Chennai, Bangalore, Ahmedabad and Guwahati. The Head Office is 161, Sarat Bose Road, Kolkata - 700026. Partners: The firm has 23 partners as at 4th April 2017.' Please find enclosed copy of the Audited financial results (Standalone & Consolidated) for the financial year ended March 31, 2017, along with the Audit Report and the Declaration for Audit report with unmodified opinion. The meeting of Board of Directors was commenced at 10.30 a.m. and concluded at 06.30 p.m. This is for you kind information and records.
View all announcements for GATI LTD.	Source: BSE India

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