Held on 25 June 2014
Prime Focus announced that the Board of Directors of the Company at its meeting held on 25 June 2014, inter alia, has considered the following :1. Board noted terms and conditions set out in Draft Share Sale Deed and related transactional documents to be executed in connection with the merger of its creative services overseas subsidiary, Prime Focus World with Double Negative on the terms and conditions set forth in the relevant transaction document.
2. Board noted the stepping down of Naresh Malhotra as the Chairman of the Company and approved the appointment of Namit Malhotra as the Chairman and Director of the Company. Naresh Malhotra shall continue to be the Whole Time Director of the Company.
3. Board noted stepping down of Ramakrishnan Sankaranarayanan as the Chief Executive Officer (CEO) and approved the appointment of Namit Malhotra as the CEO of the Company.
4. Board approved the appointment of Ramakrishnan Sankaranarayanan as a Director of the Company.
5. The Company and its overseas subsidiary has received financing commitments and term sheets from multiple parties and the transactions are subject to finalization and customary closing conditions and is expected close in the coming weeks.
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Further, pursuant to the Securities and Exchange Board of India (Prohibition of Insider Regulations, 1992, the Trading Window for dealing in securities of the Company shall remain closed from the closure of business hours of June 25, 2014 to the closure of business hours of 26 June 2014.
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