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Corporate Announcement

Security Code : 530377    Company : NILA    
 
Outcome of Board Meeting 12 Aug 2014 15:50
Nila Infrastructures Ltd has informed BSE that the Board of Directors of the Company at its meeting held on August 12, 2014, inter alia, transacted the following businesses :

1. The Audit Committee of the Company has been reconstituted in line with the provision of section 177 of the Companies Act, 2013 and as per Clause 49 of the listing agreement and Mr. Shyamal S. Joshi, Mr. Hiren G. Pandit and Mr. Kiran B. Vadodaria, Directors of the Company Constitute the Committee with immediate effect. Mr. Shyamal S. Joshi shall act as the Chairman of the audit committee.

2. The nomenclature of the existing Remuneration Committee has been changed to “Nomination and Remuneration Committee” in line with the provisions of section 178 of the Companies Act, 2013. Mr. Shyamal S. Joshi, Mr. Hiren G. Pandit and Mr. Dilip D. Patel constitute the Committee with immediate effect. Mr. Shyamal S. Joshi shall act as the Chairman of the Committee.

3. The nomenclature of the existing Share Transfer and Investor Grievance Committee has been changed to “Stakeholders Relationship Committee” in line with the provisions of section 178 of the Companies Act, 2013 and listing agreement. Mr. Kiran B. Vadodaria and Mr. Manoj B. Vadodaria constitute the Committee and Mr. Kiran B. Vadodaria shall act as the Chairman of the Committee.

4. Issue of 15000000 (One Crore Fifty Lac Only) Stock Options exercisable into equal number of fully paid up equity shares of the Company to Eligible Employees of the Company under the Scheme titled “Nila Infrastructures Ltd. - ESOP 2014” in terms of Securities and Exchange Board of India (Employees Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines, 1999 has been approved subject to the approval of the members at the ensuing Annual General Meeting.
 

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