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| Exchange Received Time 20/05/2019 15:12:43 Exchange Disseminated Time 20/05/2019 15:12:51 Time Taken 00:00:08 | We hereby inform you that Board of Directors at its meeting held today inter-alia transacted the following items:
1. FINANCIAL RESULTS
Approved and taken on record the audited financial results including audited consolidated financial results of the Company and its subsidiaries, for the year ended March 31, 2019. Copy of the audited financial results along with the auditors report furnished by the Auditors of the Company is enclosed herewith for your reference and record.
2. RECOMMENDATION OF A FINAL DIVIDEND
Board of Directors has recommended a final dividend of Rs. 1.50 per equity share of Re. 1 each (150%) of the Company subject to the shareholders approval at its ensuing Annual General Meeting.
We will inform you in due course, the date on which the Company will hold its Annual General Meeting for the year ended March 31, 2019 and the date from which dividend, if approved by the shareholders, will be paid or warrants thereof will be dispatched to the shareholders.
3. CHANGE IN KEY MANAGERIAL PERSONNEL
The Board of Directors approved the appointment of Mr. Boby Micheal (who is a former CFO of the Company for a period from Feb 2012 to Jan 2016) as Chief Financial officer (CFO) of the Company designated as Key Managerial Personnel w.e.f. July 1, 2019. The new appointment shall be in the place of Mr. Krishnaraj S, present CFO who has resigned due to his personal reason. The Board has accepted his letter and relieved him from the office on closing of today's business hours. The Board has appointed Mr. Sabu M. Jacob as interim CFO (in addition to the role of Chairman and Managing Director) till June 30, 2019.
Nomination and Remuneration reviewed and recommended his appointment to the Board for approval. Brief profile of new appointee is annexed herewith.
The Board meeting commenced at 12:30 P.M. and concluded at 3:00 P.M.
Please take the above on record and acknowledge the receipt.
Thanking you,
For Kitex Garments Limited
Sabu M. Jacob
Chairman & Managing Director &
Interim CFO
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