Sankhya Infotech Ltd. - Outcome of Board Meeting

| Updated on July 26, 2019

This is to inform the exchange that at the meeting of the Board of Directors of M/s. Sankhya Infotech Limited held on Friday the 26th day of July, 2019 at 3:00 p.m. at the registered office of the Company at Dwaraka Central, Plot No. 57, Survey No. 74 & 75, Jaihind Enclave, Madhapur, Hyderabad - 500081, Telangana the following were considered and approved:

1. Appointment of Mr. Ramamohan Reddy Yarragudi (DIN: 08517059) as an Additional Director (Non-Executive Independent Director) on the Board of Directors of the Company with effect from July 23rd, 2019 for a term of 5 (five) years upto July 22nd, 2024, subject to the approval of the Shareholders of the Company.

2. Resignation of Ms. N. Nalini w.e.f. 11.07.2019, Resignation of Mr. Bhaskar Pramanik w.e.f. 23.07.2019 and Resignation of Mr. Anil Valluri w.e.f. 24.07.2019.

3. The Company would like to inform all the Shareholders regarding the status of the Company as under:

We came to know that the forensic auditor has submitted the report to IDBI Bank.

As already mentioned before due to the forensic audit and the financial situation in the Company customers have stopped purchase orders due to which there is a further severe strain on the cash flows.

IDBI has initiated NCLT proceedings against the Company. The Company is doing everything possible to resolve the financial situation through asset restructuring in other methods. However, it is facing difficulty due to the current ongoing situation with IDBI.

The meeting concluded at 5:00 p.m.

This is for the information and records of the Exchange, please.

Pdf Link: Sankhya Infotech Ltd. - Outcome of Board Meeting

Source : BSE - www.bseindia.com

Published on July 26, 2019

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