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Nicco Corpn.: Outcome of Board Meeting


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Nicco Corporation Ltd has informed BSE that the Board of Directors of the Company at its meeting held on August 13, 2015, inter alia, has transacted the following business:

1. Change in Companys Directorate

- The Board considered and approved the appointment and payment of remuneration to Mr. Kartick Kumar Chatterjee as Managing Director & CEO of the Company with effect from October 01, 2015 to fill up the vacancy created by the resignation of Mr. Swapan Kumar Mukherjee, Managing Director who shall hold office upto September 30, 2015.

- The Board noted the resignation of Mr. Sanjay Prakash Bansal from the Board of Directors of the Company with effect from August 12, 2015.

2. The Board considered and approved the proposal for issue of additional Equity Shares to Nicco Restructuring Employees Trust Fund, subject to approval of Shareholders at the forthcoming AGM of the Company.

3. The Board considered and approved the proposal for modification of the Explanatory Statement of the Special Resolution passed in AGM held on September 29, 2014 relating to allotment of 50,00,000 Equity Shares of Rs. 2/- each to Nicco Restructuring Employees Trust Fund, subject to approval of Shareholders at the forthcoming AGM of the Company.