The board of directors of Geojit Financial Services, which met on January 6, 2005, has decided to enter the NBFC business either by promoting a new company or taking over an existing NBFC.According to a release issued to the BSE today, in case of an acquisition, the company's shareholding shall not exceed 49% of the paid-up capital or Rs 10 crore, which ever is less."The board has authorised managing director C J George to explore and decide on the options and implement the decision," the release added.The board also approved a proposal to reappoint C J George as the managing director for a further period of five years with effect from November 24, 2004."Rakesh Jhunjhunwala has been nominated as a director in terms of Section 260 read with Article 86 of the Articles of Association of the company," the release said.
