Mipco Seamless Rings Gujarat Ltd: Outcome of Board Meeting

Mipco Seamless Rings Gujarat Ltd has informed BSE that the Board of Directors of the Company at its meeting held on February 03, 2011, inter alia, have been considered the following matters :

1. The Board recorded the completion of Open offer and registered the transfer of Equity and Preference Share purchased by Mr. Sachendra Tummala from existing promoters and others.

2. Mr. Sachendra Tummaia was appointed, as the non-executive Chairman.

3. Mr. Ravi Kumar Chennupati and Mr. Lakshmi Prasad Yemeni were appointed as the Additional Directors.

4. The resignations of Mr. Jal. R. Patel, Mr. T. M. Patel and Mr. S. V. Subramania Iyer from the Board of Directors were accepted.

5. Audit Committee, Investors' Grievance Committee, Remuneration Committee were reconstituted.

6. The resignation of Mr. S.M. Patel from the post of Managing Director was accepted.

7. The Board approved the change in the authority of Directors for various statutory compliances with various Government Department, etc.

8. The Board approved the Shifting of Registered office within the Municipal Limits of the city of Bharuch.

9. The Board approved the setting up of unit in Hyderabad.

10. The Board approved the opening of Bank Accounts at Hyderabad for the purpose of business operations.

11. The Board approved the Authorization for filing to Hon'ble Company Law Board, Mumbai for shifting of Registered Office to Karnataka.