Outcome of Board meeting
The Board of Directors of the Company at its meeting held on August 03, 2011, has considered and approved the following;
- The financial year of the Company has been changed to January-December and that the financial statements will be prepared for the current financial year for a period of 9 months commencing from April 01, 2011 to December 31, 2011.
- Subsequent financial years of the Company will be the calendar year.
- Company will report its quarterly reviewed financial results on a stand-alone basis henceforth.
- Company will with the annual report also publish the consolidated financial statements.
- The Corporate Guarantee of US$ 37.5 million stands extinguished on account of repayment of loan by HOV services LLC; and
- Mr. Sunil Rajadhyaksha, Executive Director has been appointed Chairman of the Company.