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| Exchange Received Time 13/06/2019 20:48:37 Exchange Disseminated Time 13/06/2019 20:48:47 Time Taken 00:00:10 | Please refer to our letter dated 20-05-2019, intimating that at the Board Meeting on 18-05-2019, when Auditors pointed out impairment of investment in Nueclear Healthcare Limited (NHL), wholly owned subsidiary, Dr.A.Velumani, Chairman, MD & CEO offered to buy Company's entire shareholding in NHL at the current investment value of Rs. 194.67 crores to ensure that there is no loss to the public shareholders. This offer was discussed today by Audit Committee and Board.
Both Audit Committee and Board have unanimously decided that Company has to determine whether it would be beneficial to hive off the subsidiary or retain it, and for this purpose, it would be advisable to obtain one more valuation report to ensure that the valuation of the subsidiary is correctly ascertained. The Committee decided to appoint a SEBI approved merchant banker to submit a valuation report in the shortest possible time and then take a decision.
None of the Promoter-directors were present during the discussions.
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