Asian Electronics Ltd has informed that the Board of Directors of the Company at its meeting held on November 04, 2008 and November 05, 2008 (due to the adjournment of the meeting on November 04, 2008) and discussed and approved the following:
1. Appointment of Mr. Haresh Desai as additional Director to hold office till the forthcoming Annual General Meeting of the Company. Mr Desai is a Chartered Accountant by profession and partner of A. V. Rajwade & Co., noted Forex and Risk Management Consultants. He shall be an independent Director of the Company.
2. Appointment of Mr. Suhash Tuljapurkar as additional Director to hold office till the forthcoming Annual General Meeting of the Company. He is a partner of Legasis, a noted law firm. He shall be an independent Director of the Company.
3. Resignation of Mr S Padmanabhan, Mr. Sanjay Asher and Mr. Sushil Jiwarajka as Director of the Company.
4. Resignation of Mr. Suresh H Shah as Chairman and Managing Director and as a Director on the Board of the Company, in view of his failing health.
5. Subject to the approval of the shareholders in terms of Regulation 12 of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 and other applicable law, regulations, guidelines, circulars and the like, Mr. Arun B Shah offered to take over the active day to day management, which was accepted by the Board.
6. Subject to the provisions of the Companies Act, 1956, the rules made there under; the Securities and Exchange Board of India (Issue of Sweat Equity) Regulations, 2002, the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 and other applicable law, regulations, guidelines, circulars and the like, the allotment of the equity shares representing upto 12% (post allotment) of the fully diluted equity share capital of the Company to Mr. Arun B Shah as sweat equity shares.
7. M/s. S R Batliboi & Co, auditors of the company have expressed their desire not to be reappointed at the forth coming Annual General Meeting as the auditors of the company. M/s Sorab S Engineer & Co., Chartered Accountants, have agreed to be appointed the auditors of the Company, if appointed so, at the forth coming Annual General Meeting. The audit committee and the Board of Directors have recommended to members to appoint them as auditors of the company at the remuneration to be fixed by the audit committee.
1. Appointment of Mr. Haresh Desai as additional Director to hold office till the forthcoming Annual General Meeting of the Company. Mr Desai is a Chartered Accountant by profession and partner of A. V. Rajwade & Co., noted Forex and Risk Management Consultants. He shall be an independent Director of the Company.
2. Appointment of Mr. Suhash Tuljapurkar as additional Director to hold office till the forthcoming Annual General Meeting of the Company. He is a partner of Legasis, a noted law firm. He shall be an independent Director of the Company.
3. Resignation of Mr S Padmanabhan, Mr. Sanjay Asher and Mr. Sushil Jiwarajka as Director of the Company.
4. Resignation of Mr. Suresh H Shah as Chairman and Managing Director and as a Director on the Board of the Company, in view of his failing health.
5. Subject to the approval of the shareholders in terms of Regulation 12 of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 and other applicable law, regulations, guidelines, circulars and the like, Mr. Arun B Shah offered to take over the active day to day management, which was accepted by the Board.
6. Subject to the provisions of the Companies Act, 1956, the rules made there under; the Securities and Exchange Board of India (Issue of Sweat Equity) Regulations, 2002, the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 and other applicable law, regulations, guidelines, circulars and the like, the allotment of the equity shares representing upto 12% (post allotment) of the fully diluted equity share capital of the Company to Mr. Arun B Shah as sweat equity shares.
7. M/s. S R Batliboi & Co, auditors of the company have expressed their desire not to be reappointed at the forth coming Annual General Meeting as the auditors of the company. M/s Sorab S Engineer & Co., Chartered Accountants, have agreed to be appointed the auditors of the Company, if appointed so, at the forth coming Annual General Meeting. The audit committee and the Board of Directors have recommended to members to appoint them as auditors of the company at the remuneration to be fixed by the audit committee.
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