Nandan Denim accepts resignation of director & withdraws allotment of warrants to FPIs

Through Board resolution on 22 December 2016

Nandan Denim announced that the Board of Directors of the Company have on 22 December 2016, passed the following items through Circular Resolutions:

1. Acceptance of resignation tendered by Dr. Yasho Verdhan Verma as an Independent Director of the Company w.e.f. 15 December 2016;

2. Withdrawal of the proposal of allotment of 50,00,000 convertible warrants through Preferential Allotment route to FPIs on account of present economic outlook and likely delay in sanctions to be received from Banks with which the Company had tie-up for funding the proposed project.

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