At meeting held on 10 May 2016
SML Isuzu announced that the Board of Directors of the Company at its meeting held on 10 May 2016, inter alia, have:1. Took note of the resignation received from Kyoichiro Takashima with effect from 10 May 2016. Consequently, he ceased to be Director of the Company with effect from 10 May 2016.
2. Approved the appointment of Takeru Kikkawa, aged 55 years, as Additional Director of the Company on rotation basis (Category: Non-Executive Non-Independent Director) with effect from 10 May 2016 in place of Kyoichiro Takashima. He will hold office upto the ensuing Annual General Meeting of the Company. 3. Approved a proposal for raising long term borrowings by way of External Commercial Borrowings (ECB) for partial funding of Capex Plan of Rs. 220 crores (approved by the Board and communicated to stock exchange on August 08, 2014), from The Bank of Tokyo-Mitsubishi UFJ Ltd., Japan, in the nature of unsecured loan, for an amount upto Rs. 140 crores designated in US Dollars. Details of Loan agreement to be executed with the bank will be shared on signing of the agreement. lt has also been decided to cover forex risk and interest change risk through hedging.
Powered by Capital Market - Live News