Outcome of board meeting of Sah Petroleums

Held on 14 August 2014

Sah Petroleums announced that the Board of Directors of the Company at its meeting held on 14 August 2014, inter alia, has approved and accepted the following decisions :

1. Appointment of Additional Directors:

(a) Brij Mohan Bansal has been appointed as an Additional Director with effect from 14 August 2014.

(b) Narothamkumar Girdharilal Puri has been appointed as an Additional Director with effect from 14 August 2014 as an Independent, Non Executive Director.

2. Reconstitution/appointment of Audit Committee Members:

(a) Approved an appointment of Ramesh Chander Razdan, Independent Non Executive Director of the Company as a member of the Audit Committee of the Board, in the place of Ashish Dinesh Gandhi, who was resigned from the Directorship of the Company.

(b) Approved an appointment of Narothamkumar Girdharilal Puri, Independent Non Executive Director of the Company as a member of the Audit Committee of the Board, in the place of Noshir B Dubash, who was resigned from the Directorship of the Company.

3. Reconstitution/appointment of Stakeholders Relationship Committee Members:

(a) Approved an appointment of Ramesh Chander Razdan, Independent Non Executive Director of the Company as a member of the Stakeholders Relationship Committee of the Board, in the place of Noshir B Dubash, who was resigned from the Directorship of the Company.

(b) Approved an appointment of Narothamkumar Girdharilal Puri, Independent Non Executive Director of the Company as a member of the Stakeholders Relationship Committee of the Board, in the place of Aditya Sah, who was resigned from the Directorship of the Company.

4. Change in Statutory Auditors and appointment of Internal Auditors:

(a) Appointment of M/s. PNG & Co. Chartered Accountants, as the Statutory Auditors of the Company in place of M/s .N.D. Daga & Co. Chartered Accountants, subject to the approval of shareholders at the ensuing 31st Annual General Meeting of the Company.

(b) Approved appointment of M/s. PricewaterhouseCoopers, as the Internal Auditors of the Company.

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