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Dollex Industries schedules AGM
Aug 18,2017

Dollex Industries announced that the 23rd Annual General Meeting (AGM) of the company will be held on 26 September 2017.

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Ravikumar Distilleries to conduct AGM
Aug 18,2017

Ravikumar Distilleries announced that the Annual General Meeting (AGM) of the company will be held on 26 September 2017.

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Amco India to hold AGM
Aug 18,2017

Amco India announced that the Annual General Meeting (AGM) of the company will be held on 26 September 2017.

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Poddar Housing surges 31.46% in five sessions
Aug 18,2017

Meanwhile, the S&P BSE Sensex was down 289.98 points, or 0.91% at 31,505.48. The S&P BSE Small-Cap index was down 124.36 points, or 0.79% at 15,570.17.

On the BSE, 2,394 shares were traded on the counter so far as against the average daily volumes of 41,000 shares in the past two weeks. The stock had hit a high of Rs 1,240 and a low of Rs 1,150 so far during the day.

Shares of Poddar Housing & Development rose 31.46% in five trading sessions to its current market price of Rs 1,221, from a close of Rs 928.75 on 10 August 2017.

Poddar Housing & Development reported consolidated net loss of Rs 1.29 crore in Q4 March 2017, compared with net profit of Rs 3.19 crore in Q4 March 2016. Total revenue fell 82.39% to Rs 11.69 crore in Q4 March 2017 over Q4 March 2016.

Poddar Housing and Development is engaged in the housing segment of the real estate sector.

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Infosys in doldrums after board blames Murthy for CEOs exit
Aug 18,2017

The announcement was made during market hours today, 18 August 2017.

Meanwhile, the S&P BSE Sensex was down 241.38 points or 0.76% at 31,554.08.

High volumes were witnessed on the counter. On the BSE, 21.46 lakh shares were traded on the counter so far as against the average daily volumes of 2.81 lakh shares in the past one quarter. The stock had hit a high of Rs 1,021.50 and a low of Rs 937 so far during the day. The stock had hit a 52-week low of Rs 900.30 on 9 November 2016. The stock had hit a 52-week high of Rs 1,080.70 on 14 October 2016.

The stock had outperformed the market over the past one month till 17 August 2017, rising 3.63% compared with the Sensexs 0.87% decline. The stock had also outperformed the market over the past one quarter, gaining 7.24% as against the Sensexs 3.71% rise. The scrip had, however, underperformed the market over the past one year, falling 1.19% as against the Sensexs 13.53% rise.

The large-cap company has equity capital of Rs 1148.48 crore. Face value per share is Rs 5.

Infosys said that it has come to the attention of the board that a letter authored by Narayana Murthy, the founder of Infosys has been released to various media houses attacking the integrity of the board and management of the company alleging falling corporate governance standards in the company. The board takes great umbrage to the contents of the letter and places on record that Murthys continuous assault, including this latest letter, is the primary reason that the CEO, Dr Vishal Sikka, has resigned despite strong board support.

Murthys letter contains factual inaccuracies, already-disproved rumours, and statements extracted out of context from his conversations with board members. The board assures its shareholders, employees, customers and communities that it is committed not to be distracted by this misguided campaign by Murthy and will continue to adhere to the highest international standards of corporate governance as it executes its strategy of profitable growth for the benefit of all Infosys stakeholders.

Murthys campaign against the board and the company has had the unfortunate effect to undermine the companys efforts to transform itself. The board has been engaged in a dialogue with the founder to resolve his concerns over the course of a year, trying earnestly to find feasible solutions within the boundaries of law and without compromising its independence. These dialogues have unfortunately not been successful.

The board declines to speculate about Murthys motive for carrying out this campaign, including the latest letter. The board believes it must set the record straight on the false and misleading charges made by Murthy because his actions and demands are damaging the company and misrepresent its commitment to good corporate governance. Murthy repeatedly made inappropriate demands which are inconsistent with his stated desire for stronger governance, company added.

The board has in its fiduciary role to consider all shareholder inputs, treated each demand from Murthy as a suggestion and only acted on suggestions which believed was in the best interest of the company and declined to act on others. Over time the demands have intensified, which when declined by the board resulted in the threats of media attacks being carried out. Murthy may be in the process of engaging in discussions with certain key stakeholders of the company to further his criticisms of the board and management.

The company said that since Dr Vishal Sikka was appointed as MD and CEO in August 2014, Infosys has delivered competitive financial performance through profitable revenue growth. The board is a fully independent board, with professionals as its members who have been appointed by a clear majority of the shareholders.

Narayana Murthy holds 0.38% stake, his son Rohan Murthy holds 1.38% stake while wife Sudha Murthy holds 0.79% stake in the firm as per the shareholding patterm on 30 June 2017.

Earlier today, 18 August 2017, Infosys said that board of directors of the company at a meeting held today, 18 August 2017, accepted the resignation of Dr Vishal Sikka as the Managing Director and Chief Executive Officer of the company with immediate effect. The board appointed Dr Vishal Sikka as the Executive Vice-Chairman.

The board appointed U B Pravin Rao as the Interim-Managing Director and Chief Executive Officer. The succession plan for appointment of a new Managing Director and Chief Executive Officer has been operationalised by the board and a search for the same has been commenced, company said.

In his notice of resignation to the board, Dr Sikka reiterated his belief in the great potential of Infosys, but cited among his reasons for leaving a continuous stream of distractions and disruptions over the recent months and quarters, increasingly personal and negative as of late, as preventing managements ability to accelerate the companys transformation.

The company said board understands and acknowledges Dr Sikkas reasons for resignation, and regrets his decision. In particular, the board is profoundly distressed by the unfounded personal attacks on the members of our management team that were made in the anonymous letters and have surfaced in recent months.

As the board has previously stated, a series of careful investigations found no merit to the unsubstantiated and anonymous allegations that had been asserted. The board denounces the critics who have amplified and sought to further promote demonstrably false allegations which have harmed employee morale and contributed to the loss of the companys valued CEO.

Dr Sikka has been appointed Executive Vice Chairman effective today, 18 August 2017 and will hold office until the new permanent Chief Executive Officer and Managing Director takes charge, which should be no later than 31 March 2018.

Dr Sikka will continue to focus on strategic initiatives, key customer relationships and technology development. He will report to the companys board.

Dr Sikka will receive an annual salary of $1 during his tenure as Executive Vice Chairman. Any company equity awards held by Dr Sikka that remain outstanding and unvested shall, during his term as Executive Vice Chairman, remain outstanding and shall continue to vest (and, in the case of stock options, become exercisable) in accordance with their terms.

The board has mandated the Chairman and the Nomination and Remuneration Committee to expeditiously identify and select a permanent CEO and Managing Director.

Separately, Infosys announced that ATP, the governing body of mens professional tennis, in association with company launched a new PlayerZone app and website. The revamped PlayerZone, an extranet portal for ATP players, their support teams, coaches, and others in the ecosystem, allows users to engage with each other and access information across a wide range of operational aspects related to life on Tour. The announcement was made after market hours yesterday, 17 August 2017.

The PlayerZone is developed with best-in-class technology to be intuitive and more convenient, offering biometric login on the app. It also provides information on tournament entries and withdrawals, automated updates on match scheduling and results, rules and regulations, all the way to hotel information, transportation, visa requirements, and more. Besides simplifying the life of players on Tour, PlayerZone will also feature new prize money and taxes data to ease tracking of earnings and facilitate compliance.

The new app will increase engagement with the next generation of players, provide a central portal of information as players progress through different stages of their career, as well as offer a forum to engagewith the players support teams in a private and secure digital environment.

Infosys consolidated net profit fell 3.3% to Rs 3483 crore on 0.2% decline in revenue to Rs 17078 crore in Q1 June 2017 over Q4 March 2017.

Infosys is a global leader in technology services and consulting.

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Kanco Tea & Industries to consider Bonus Issue
Aug 18,2017

Kanco Tea & Industries will hold a meeting of the Board of Directors of the Company on 24 August 2017.

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Mystic Electronics to fix AGM date
Aug 18,2017

Mystic Electronics will hold a meeting of the Board of Directors of the Company on 23 August 2017.

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Shriram EPC to discuss results
Aug 18,2017

Shriram EPC will hold a meeting of the Board of Directors of the Company on 13 September 2017.

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Zen Technologies to announce Quarterly Result
Aug 18,2017

Zen Technologies will hold a meeting of the Board of Directors of the Company on 24 August 2017.

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Parabolic Drugs to discuss results
Aug 18,2017

Parabolic Drugs will hold a meeting of the Board of Directors of the Company on 21 August 2017.

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Prozone Intu Properties to conduct board meeting
Aug 18,2017

Prozone Intu Properties will hold a meeting of the Board of Directors of the Company on 22 August 2017.

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Morarjee Textiles announces board meeting date
Aug 18,2017

Morarjee Textiles will hold a meeting of the Board of Directors of the Company on 22 August 2017.

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Shree Surgovind Tradelink to convene board meeting
Aug 18,2017

Shree Surgovind Tradelink will hold a meeting of the Board of Directors of the Company on 21 August 2017.

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Next Mediaworks to discuss results
Aug 18,2017

Next Mediaworks will hold a meeting of the Board of Directors of the Company on 29 August 2017.

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Kanani Industries to hold board meeting
Aug 18,2017

Kanani Industries will hold a meeting of the Board of Directors of the Company on 21 August 2017.

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