Corporate Announcement
Security Code : 533107    Company : RNAVAL    
 
Outcome of Board Meeting 
  Exchange Disseminated Time     
Pipavav Defence and Offshore Engineering Company Ltd has informed BSE that the Board of Directors of the Company at its meeting held on January 18, 2016, inter alia, has approved the following matters:

1. Acquisition and takeover of the sole control and management of the Company by Reliance Defence Systems Private Limited and Reliance Infrastructure Limited (both referred hereinafter as “Reliance”);

2. Reliance Defence Systems Private Limited and/or its holding/associate companies/associates/affiliates having become the Promoters of the Company in place of the existing promoters;

3. Appointment of Shri Anil D. Ambani as Director and the Chairman of the Company;

4. Appointment of Shri Amitabh Jhunjhunwala as Director;

5. Appointment of Vice Admiral (Retd.) H.S. Malhi as whole time Director and Executive Officer of the Company;

6. Appointment of following persons as Additional Independent Directors:

i. Shri Rahul Sarin

ii. Air Chief Marshal (Retd.) Fali Homi Major

iii. Lt Gen. (Retd.) Syed Ata Hasnain

iv. Ms. Ryna Karani

v. Shri Rajendra P Chitale;

7. Change the name of the Company to “Reliance Defence and Engineering Limited”;

8. Appointment of Shri Sridhar Krishnamurthy as Chief Financial Officer of the Company;

9. Appointment of Vice Admiral (Retd.) H S Malhi as Occupier under the Factories Act, 1948;

10. Resignation of Shri Samar B. Mohapatra, Shri R. M. Premkumar and Shri Alexander John Joseph from their respective offices of Directors of the Company effective January 18, 2016;

11. Resignation of Shri Nikhil Gandhi as Chairman and Shri Bhavesh Gandhi from the office of Executive Vice Chairman and Whole Time Director of the Company. Shri Nikhil Gandhi and Shri Bhavesh Gandhi, however, continue to be Non Executive Directors on the Board of the Company;

12. Proposal to exit the Corporate Debt Restructuring (CDR);

13. Issue of equity shares/equity linked securities to Qualified Institutional Buyers upto Rs. 1,500 crore, subject to the approval of the shareholders;

14. Consequent to the change in sole control and management of the Company, adoption of restated Articles of Association of the Company, subject to the approval of the shareholders; and

15. To seek approval of the shareholders of the Company, for any of above matters as also other matters as may be necessary and deemed appropriate.
 

Disclaimer

Back To Announcements