Gemmia Oiltech (India) Ltd has informed BSE that the Board of Directors of the Company at its meeting held on September 17, 2014, has approved the following,
1. The Board has received the latest Information Memorandum from Naftogaz India Private Limited (NIPL). The Committee. headed by Mr. A. Srinivas, Director and Mr. V. Arunagiri, Director, has requested for more time to submit their proposal to the Board, either for Merger with NIPL (subject to SEBI approval) or Business Transfer Agreement through issuance of preference
shares in lieu of cash.
Hence the Board has agreed to meet on 29th (Monday) to take a final view.
2. Due to age constraints and health reasons Mr. R. Gopalan was unable to travel frequently to Chennai from Bangalore, hence submitted his resignation from the Board. The Board has also accepted the same.
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