Outcome of board meeting of K-Lifestyle & Industries

Held on 12 February 2015

K-Lifestyle & Industries announced that the Board of Directors of the Company at its meeting held on 12 February 2015, inter alia, has transacted the following business:

1. Approved the constitution of the Risk Management Committee of the Company and decided upon its scope, role, functions, powers and allied matters in compliance with applicable the under Clause 49(vi) (c) of the Listing Agreement.

2. A fresh reference to be made before The Hon'ble Board for Industrial and Financial Reconstruction to seek determination of measures which would be adopted as required under Section 15(1) of the Sick Industrial Companies (Special Provisions) Act, 1985. As the net worth of the Company as at December 31, 2014 continues to be fully eroded and the Company continues to be a sick industrial Company as defined under Section 3(1) (o) of the Sick Industrial Companies (Special Provisions) Act, 1985.

3. Approved the Audited Financial Results for the Quarter and Nine months ended 31 December 2014, for purpose of filing a reference before The Hon'ble Board for Industrial and Financial Reconstruction.

4. Noted the Disclosure received from Manasi Indrajit Wadkar, Director of the Company for the Financial Year 2014-15 pursuant to provisions of the Section 184 of the Companies Act, 2013 read with the rule 9 of the Companies (Meeting of the Board and its power) rules, 2014.

5. Approved the resignation of the Internal Auditor M/s. Rakesh M. Agarwal & Co.

6. Approved the appointment of Vinay Goyal as the Internal Auditor of the Company.

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