Indus Networks - Outcome of Board Meeting
Indus Networks Ltd has informed BSE that the Board of Directors of the Company at its meeting held on March 26, 2008, has passed the following resolutions:
1. Proposal for Change in the control of management of the Company by the appointment of
Shri. K Sudhir, as promoter director in place of the existing promoter director Shri. S T Prasad and Shri. K Sudhir shall be the new promoter consequent upon such approval from the shareholders of the Company to the change in management, as per Regulation 12 of the SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 1997.
2. Appointment of Shri. K Sudhir as Managing Director of the Company for a period of 5 years w.e.f. March 26, 2008 subject to the approval of the members of the Company.
3. Appointment of Additional Directors of the Company.
4. Acceptance of resignation of Shri. S T Prasad as Managing Director of the Company.
5. Resignation of Shri. K Srinivas Kalyan Rao and Shri. K P C Rao as directors of the
Company w.e.f. March 26, 2008.
6. Approval of the draft notice of the postal ballot for taking the approval of the shareholders for (a) change in the Management as per Regulation 12 of the SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 1997 and (b) appointment of Shri K Sudhir as Managing Director of the Company.
7. Appointment of Shri. Y Ravi Prasada Reddy, Practising Company Secretary as scrutinizer to the postal ballot process.
8. To take note of the calendar of events for the postal ballot process.
Tags: Indus Networks