HOTEL LEELAVENTURE LTD. - Outcome of Board Meeting

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HOTEL LEELAVENTURE LTD. - Outcome of Board Meeting

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11 Aug 2014
Hotel Leelaventure Ltd has informed BSE that the Board of Directors of the Company at its meeting held on August 11, 2014, have considered and approved the following:<br/><br/>1. Change in Directorate:<br/><br/>a. Resignation of Mr. Venu Krishnan, Deputy Managing Director<br/><br/>The Board approved the resignation of Mr. Venu Krishnan, Deputy Managing Director, who has resigned from the services of the Company with effect from July 30, 2014.<br/><br/>Mr. Venu Krishnan has been with the Leela Group since 1987. He has been on the Board of the Company since January 29, 2000 and has been the Deputy Managing Director since April 01, 2006. The Board placed on record the valuable contributions of Mr. Venu Krishnan during his tenure with the Company.<br/><br/>b. Resignation of nominees appointed by CDR Lenders and appointment of nominees of JMFARC<br/><br/>Consequent to the assignment of debt by the CDR Lenders to Asset Reconstruction Companies (ARCs), Ms. Uttara Dasgupta, nominee of SBI and Mr. T. Ravindranath, nominee of Syndicate Bank, have resigned from the Board. The Board accepted the resignation of the bank nominees and placed on record their valuable contributions during their tenure with the Company.<br/><br/>JM Financial Asset Reconstruction Co. Private Limited (JMFARC) has nominated Mr. V. P. Shetty and Mr. Anil R. Bhatia as their nominee directors on the Board of the Company and the Board has appointed them as Additional Directors w.e.f. August 11, 2014, liable to retire by rotation.<br/><br/>c. Appointment of Independent Directors<br/><br/>The Board has appointed Mr. R. Venkatachalam and Mr. Vikram Mehta as Independent Directors with effect from August 11, 2014.<br/><br/>3. Increase in Board strength from 15 to 16 members<br/><br/>The Board approved the increase in the maximum number of directors to 16, subject to the approval of shareholders by Special Resolution under the Companies Act, 2013.<br/><br/>4. Postal Ballot for Amendments to Memorandum of Association and Alteration of Articles of Association to comply with the Companies Act, 2013<br/><br/>The Board has approved draft Notice of Postal Ballot to be sent to the shareholders for passing of the following resolutions:<br/><br/>a. Alteration of Main Objects Clause of Memorandum of Association of the Company.<br/><br/>b. Amendment of Incidental or Ancillary Objects Clause, Deletion of Other Objects Clause and Amendment of Liability Clause of the Memorandum to conform to the Companies Act, 2013.<br/><br/>c. Substitution of Articles of Association of the Company with a new one conforming to the Companies Act, 2013.<br/><br/>The Board authorised the Chairman and Managing Director to do all acts, deeds and things that may be necessary for giving effect to the resolution.
View all announcements for HOTEL LEELAVENTURE LTD.	Source: BSE India

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