DCM informs about company updates

DCM Ltd. | Textile - Spinning | Textiles & Apparels | BSE: 502820 | NSE: DCM

15 Feb 2020 Evaluate

DCM has informed that the matter related to non-compliance with the requirements pertaining to composition of Board under Regulation 17 of SEBI (Listing Obligations and Disclosures Requirement) Regulations, 2015 (LODR), as amended from time to time and fine imposed by the stock exchanges for the same was placed before the Board of Directors at its meeting held on today February 14, 2020. Accordingly, the said matter was discussed by the Board of Directors in their meeting wherein Board noted that after the resignation of Meenakshi Nayar Independent Women Director, Company could not comply the requirement to appoint the new Independent Women Director within the prescribed time limit of 3 months and there has been procedural delay of 8 days primarily on account of time taken to identify suitable candidate with knowledge and experience for appointment of new Independent Women Director and conducting the meetings of Nomination & Remuneration Committee and Board of Directors. The Board also noted that Kavita A Sharma, Independent Women Director was duly appointed on the Board of Company with effect from November 14, 2019 and thereafter the composition of the Board of Directors of the Company is as per the requirement of SEBI (LODR), 2015, as amended from time to time. The Board of Directors after due examination and deliberation noted the said procedural delay and emphasized that going forward prescribed timelines should be adhere/ complied. The Board has suggested that Company should make further request to Stock Exchanges for condonation of delay which is procedural in nature.

The above information is a part of company’s filings submitted to BSE.