Outcome of board meeting of Facor Steels

Held on 15 July 2014

Facor Steels announced that the Board of Directors of the Company at its meeting held on 15 July 2014, inter alia, have considered and approved the following:

1. Making a reference to BIFR under the provisions of Section 15(1) of the Sick Industrial Companies (Special Provision) Act, 1985 as the accumulated losses of the company has exceeded the entire net worth of the company.

2. Accepting resignation of Rajkamal Rao from the Directorship of the Company w.e.f. 14 July 2014.

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