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| Exchange Disseminated Time 01/02/2017 15:45:21 | Western India Shipyard Ltd has informed BSE that the Board of Directors of the Company at its meeting held on January 27, 2017, inter alia, has took the following decision after detailed discussions:
1. The Board approved the appointment of Shri. Sushil Kumar Agarwal as an additional Independent director of the Company subject to retirement by rotation at the ensuing AGM of the Company.
2. The Board noted the resignation letter dated January 02, 2017 received from Shri. S. Muthuswamy from the post of Chief Financial Officer of the Company due to health reasons and age restrictions, and accepted the same with immediate effect. The Board recorded their sincere appreciation of his services to the Company during his tenure as CFO.
3. The Board noted the genuine difficulties faced by ICICI Bank Limited in conversion of its Zero Coupon Loan amounting to Rs. 4214.95 lacs as on March 31, 2016, which was fully convertible on January 27, 2017 and granted extension of time upto 5 years for compulsory conversion, subject to the approval of the High Court of Bombay (Goa Bench) or National Company Law Tribunal (NCLT), shareholders and Other Regulatory Authorities as may be necessary.
4. The Board noted the letter dated January 20, 2017 received from M/s. Bermaco Energy Limited and approved the initiation of postal ballot formalities in supersession of the special resolutions (set out in Item No. 3 & Item No. 4 therein) passed at the Company's 24th AGM held on December 31, 2016 for preferential issue of equity shares and warrants, subject to such stipulations by BSE Limited while granting its 'In Principle' approval letter. |
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