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Outcome of Board Meeting

| Updated on August 17, 2011 Published on August 17, 2011

Confidence Petroleum India Ltd has informed BSE that the Board of Directors of the Company at its meeting held on August 13, 2011, inter alia, has discussed and approved the following;

1. M/s. Bhandari & Associates being eligible for retirement, to be re-appointed at Annual General Meeting as the Statutory Auditors of the company for the financial year 2011-2012,

2. The Board of Directors has decided to retain the profits earned during the financial year 2010 - 2011 and hence nil dividends shall be distributed to the shareholders.

3. Mr. Elesh Khara and Mr. Sumant Sutaria who retire by rotation to be re-appointed at the Annual General Meeting

4. An Independent director has to be appointed on the Board For which Candidature has received under section 264 of Companies Act, 1956 and appointment shall be made at upcoming Annual General Meeting.

5. The Board considered and approved for payment of remuneration to Executive Directors as per section 309 of Companies Act, 1956.

6. The Board has decided to consider, increase the sitting fees payable to Directors and for that purpose the Articles of Association of the Company be altered by passing special resolution in Annual General Meeting.

Source : BSE - >www.bseindia.com

Published on August 17, 2011
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