Outcome of Board Meeting

| Updated on August 25, 2014 Published on August 25, 2014

Shree Cement Ltd has informed BSE that the Board of Directors of the Company at its meeting held on August 25, 2014, inter alia, has considered/approved the following matters:

1. Considered and accorded its consent to acquire 1.50 MTPA cement grinding unit of Jaiprakash Associates Ltd. situated at Panipat in the State of Haryana on going concern basis for consideration of approx Rs. 360 Crore subject to adjustment for any financial indebtedness and net working capital taken over as of the closing date, subject to satisfactory completion of due diligence and obtaining necessary approvals and consents.

2. Took note of superannuation of Shri Ashok Bhandari, Chief Finance Officer of the Company w.e.f. close of Business hours on August 31, 2014. He will continue to serve as advisor of the Company.

3. Appointed Shri Subhash Jajoo, General Manager (Finance) as Chief Finance Officer of the Company w.e.f. September 01, 2014.

4. Pursuant to Section 149 of the Companies Act 2013 and Revised Clause 49 of the Listing Agreement (Applicable w.e.f. October 01, 2014) the existing Independent Directors of the Company viz. Shri O.P. Setia, Shri R.L. Gaggar, Shri Nitin Desai, Dr. Y.K. Alagh, Shri Shreekant Somany and Dr. Leena Srivasava have been appointed as independent directors of the Company for 5 years, not liable to retire by rotation subject to approval of shareholders in the ensuing Annual General Meeting.

Source : BSE - >www.bseindia.com

Published on August 25, 2014
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