Outcome of board meeting of McNally Bharat Engineering Company

Held on 14 December 2016

McNally Bharat Engineering Company announced that the Board of Directors of the Company at its meeting held on 14 December 2016 has appointed Srinivash Singh as the Managing Director of the Company with immediate effect. The Board also appointed Partha S Bhattacharya as an Independent Director of the Company with immediate effect and accepted resignation of S R Dasgupta as Independent Director with immediate effect.

The Board also decided to not go ahead with merger proposal of EMC, McNally Bharat Engineering Company and McNally Sayaji Engineering with Kilburn Engineering.

The Board has decided to consider infusion of fresh equity into the company up to an amount of Rs 600 crore to further recapitalise the company.

Powered by Capital Market - Live News