Cheslind Textiles - Outcome Of Board Meeting

Cheslind Textiles Ltd has informed that Consequent to the implementation of Share Purchase Agreement dated March 19, 2007, entered by the promoters of the Company, other than TIDCO with M/s. RSWM Ltd and upon due completion of Open Offer resulting in RSWM Ltd acquiring 1,53,48,477 equity shares of Rs 10 each carrying 66.46% of voting rights in the Company, the transfer of management has taken place at the meeting of Board of Directors of the Company held on August 30, 2007 and the Company has thus become a subsidiary of RSWM Ltd.

Further the Company has informed that, the Board of Directors of the Company at its meeting held on August 30, 2007, has approved the following:

1. Appointment of Mr. Ravi Jhunjhunwala, Mr. Riju Jhunjhunwala, Mr. D P Mangal, Mr. G B Bagrodia and Mr. R K Nayar as Additional Directors of the Company to hold office till the ensuing Annual General Meeting of the Company.

2. Appointment at Mr. Ravi Jhunjhunwala as Chairman of the Company.

3. Appointment of Mr. R K Nayar as Managing Director of the Company.

4. Resignations of Mr. T N Arvind Reddy, Chairman, Mr. T N Anand Reddy, Managing Director, Dr. T N Vijayanarayana Reddy, Mr. K Jagdeesh Reddy, Mr. Prem Saigal and Mr. A K Nair, Directors of the Company.

Source : www.indian-commodity.com