Outcome of board meeting of Uttam Galva Steels

Held on 27 May 2016

The Board of Directors of Uttam Galva Steels at its meeting held on 27 May 2016 transacted the following -

Since the accumulated losses of the Company have exceeded its networth in the audited accounts for the FY 2016, the Board has formed an opinion that the Company has prima facie become a Sick Industrial Company and therefore it is required to make the reference to BIFR under provision of Sick Industrial Companies Act.

B L Khurana has been inducted as an Additional Director on the Board from 27 May 2016 in category of Independent Director.

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