ITC LTD. - Outcome of Board Meeting - Policy for determining Material Subsidiaries

ITC Ltd has informed BSE that the Board of Directors of the Company at its meeting held on July 29, 2014, has approved the 'Policy for determining Material Subsidiaries', as required under the revised Clause 49 of the Listing Agreement with Stock Exchanges, which is effective from October 01, 2014.<br/><br/>The Policy approved by the Board in conformity with revised Clause 49 is reproduced below:<br/><br/>"A subsidiary shall be considered as material if the investment of the Company in the subsidiary exceeds twenty per cent of the consolidated net worth as per the audited consolidated balance sheet of the previous financial year or if the subsidiary has generated twenty per cent of the consolidated income of the Company during the previous financial year.