National Plywood Industries Ltd. - Outcome of Board Meeting

We would like to inform you that a meeting of the Board of Directors of National Plywood Industries Limited was held on 30-05-2019 and the following business were transacted:

1. The Audited Standalone Financial Results of the Company for the quarter and year ended 31st March, 2019.

2. Independent Auditors Report on Standalone Financial Results for the quarter and year ended 31st March, 2019.

3. Declaration for Un-Modified Opinion in respect of Audit Report on Audited Standalone Financial Results for the year ended 31st March, 2019.

4. The Board has noted the continous absence of Sri Vijay Kumar Periwal, Director of the Company from the Board Meeting of the Company from all the meetings of the Board of Directors held during a period of twelve months without seeking leave of absence of the Board. Therefore the Board has decided to vacate his office under Section 167(1) (b) of the Companies Act, 2013 and has decided to appoint a new director in the next Board Meeting.

5. The Board of Directors has embarked on a decisive consolidation of business interests with associated companies with the objective to strengthen governance, enhance transparency and increase shareholder value. The Board authorized the Chairman & Managing Director to initiate a series of initiatives in this direction and obtain the necessary approvals . The consolidation of business interests is expected to initiate the next round of business restructuring directed to enhance shareholder value.

6. The Board authorises Chairman & Managing Director to explore possibilities of raising further equity on preferential basis and/or bank finance, to meet the working capital needs of the Company in order to increase the turnover since the demand of the Companys products has increased.









7. M/s Bennett, Coleman and Company Limited (BCCL) has expressed interest to subscribe to shares & warrants of the Company computed in accordanvce with the ICDR Regulations on the basis of the relevant date. The Board authorizes the Chairman & Managing Director to pursue the same as per letter dated 6th May, 2019 of BCCL wherein the proposed investment by BCCL in NPIL has been principally approved and is subject to conclusion on agreement terms by both parties.


The meeting commenced at 4.00 PM and concluded at 6.00 PM.

Pdf Link: National Plywood Industries Ltd. - Outcome of Board Meeting

Source : BSE - www.bseindia.com

Published on May 30, 2019

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