Outcome of the Board Meeting held on 12th June 2024
The Company has informed BSE and NSE that the Board of Directors of the Company, at its meeting held today, inter-alia, considered the following:
1. Approved appointment of Mr Sidharth Kumar Birla (DIN: 00004213) as an Additional Director and Independent Non-Executive Director of the Company with effect from 12th June 2024 for a term of five (5) consecutive years i.e. upto 11th June 2029, and recommended the said appointment to the members of the Company for their approval by way of a Special Resolution at the 65th Annual General Meeting (“65th AGM”);
2. On the recommendation of the Audit Committee, with only the Independent Directors voting and the Executive Directors recusing, approved continuation of payment of general licence fees (royalty) by the Company to Société des Produits Nestlé S.A. (“Licensor”), being a related party as per the Regulation 2(1)(zb) of the Listing Regulations, at the rate of 4.5%, net of taxes, of the net sales of the products sold by the Company as per the terms and conditions of the existing General Licence Agreements with the Licensor, and recommended the same for approval of the members of the Company by way of an Ordinary Resolution at the 65th AGM; and
3. Revised date of the 65th AGM to Monday, 8th July 2024 through VC/ OAVM. Consequently, the Record Date for the purpose of determining entitlement of the members to the final dividend for the fifteen months financial year ended 31st March 2024 is revised to Tuesday, 16th July 2024. The final dividend, if declared by the members at the 65th AGM, shall be paid on and from 6th August 2024. Electronic copy of the Annual Report for the fifteen months financial year ended 31st March 2024 and Notice of 65th AGM shall be sent in due course.