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Board of Sandur Manganese & Iron Ores declares interim dividend

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At meeting held on 12 November 2016

Sandur Manganese & Iron Ores announced that the Board of Directors of the Company at its meeting held on 12 November 2016, inter alia, has taken a note of following:

1. Board has taken note of the change in status of Vatsala Watsa, from being an Independent Director of the Company to a Non-Independent Director, as some of the criteria of Independence is not being met in her case now. Hereafter, Board she will be a Non-Executive Director, liable to retire by rotation.

2. To ensure continuous compliance with the provisions of Regulation 17(1)(b) of the SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015, requiring at least one half of the Board to consist of Independent Directors, G. Pandurang Kundargi has been co-opted as an Additional Director on the Board with effect from 12 November 2016. G. P. Kundargi will hold the office of an Independent Director of the Company subject to approval of Shareholders either at the General Meeting or through Postal Ballot.

 

3. Considering the performance during the first half of the current financial year, Board has approved payment of an Interim Dividend of Rs 2 per share, i.e., 20% of paid up equity share capital of the Company.

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First Published: Nov 14 2016 | 9:49 AM IST

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