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Galaxy Cloud Kitchens Ltd.

BSE: 506186 Sector: Media
NSE: N.A. ISIN Code: INE403B01016
BSE 00:00 | 18 Sep 13.35 -0.50
(-3.61%)
OPEN

13.75

HIGH

13.75

LOW

13.20

NSE 05:30 | 01 Jan Galaxy Cloud Kitchens Ltd
OPEN 13.75
PREVIOUS CLOSE 13.85
VOLUME 2902
52-Week high 36.60
52-Week low 11.90
P/E
Mkt Cap.(Rs cr) 60
Buy Price 13.20
Buy Qty 23.00
Sell Price 13.80
Sell Qty 1252.00
OPEN 13.75
CLOSE 13.85
VOLUME 2902
52-Week high 36.60
52-Week low 11.90
P/E
Mkt Cap.(Rs cr) 60
Buy Price 13.20
Buy Qty 23.00
Sell Price 13.80
Sell Qty 1252.00

Galaxy Cloud Kitchens Ltd. (GALAXYCLOUD) - Chairman Speech

Company chairman speech

TO THE SHAREHOLDERS:

In the Directors' Report of the Company's Annual Report 2019 under sub-heading"Matter related to Directors and Key Managerial Personnel" the following wasstated:

The Board had judicious combination of Executive Non-Executive and IndependentDirectors to maintain the independence of the Board and separate its functions ofgovernance and management. As of March 31 2019 the Board of Directors of the Companyconsists of Mr. Arvind Agrawal Managing Director Mr. Rajneesh Agarwal Ms. UditaJhunjhunwala and Mr. Sharad Rustagi Independent Directors Mr. Sunil Biyani and Mr.Swapnil Kothari Non-Executive Directors.

There was no change in the composition of Board of Directors apart from appointment ofMr. Arvind Agrawal as Managing Director of the Company with effect from November 3 2018.

During the year under review Mr. Tanuj Agarwal resigned as Chief Financial Officerand Key Managerial Personnel of the Company w.e.f. February 28 2019 and Mr. Atul Joshihas been appointed as Chief Financial Officer and Key Managerial Personnel of the Companyw.e.f. March 12019.

Shareholders are now hereby advised that as a result of the below changes that occurredsubsequent to the approval of Board's report on May 24. 2019:

1. To appoint a Director in place of Mr. Swapnil Kothari (DIN: 05235636) who retiresby rotation and being eligible offers himself for re-appointment.

2. To consider re-appointment of Ms. Udita Jhunjhunwala (DIN: 00120951) as anIndependent Director of the Company.

3. To consider appointment of Mr. Rajesh Mittal (DIN: 00231710) as an IndependentDirector of the Company.

The following is now presented as:

Matter related to Directors and Key Managerial Personnel:

The Board had judicious combination of Executive Non-Executive and IndependentDirectors to maintain the independence of the Board and separate its functions ofgovernance and management. As of March 31 2019 the Board of Directors of the Companyconsists of Mr. Arvind Agrawal Managing Director Mr. Rajneesh Agarwal Ms. UditaJhunjhunwala and Mr. Sharad Rustagi Independent Directors Mr. Sunil Biyani and Mr.Swapnil Kothari Non-Executive Directors.

There was no change in the composition of Board of Directors apart from appointment ofMr. Arvind Agrawal as Managing Director of the Company with effect from November 3 2018.

During the year under review Mr. Tanuj Agarwal resigned as Chief Financial Officerand Key Managerial Personnel of the Company w.e.f. February 28 2019 and Mr. Atul Joshihas been appointed as Chief Financial Officer and Key Managerial Personnel of the Companyw.e.f. March 12019.

In terms of section 152 of the Act Mr. Swapnil Kothari is liable to retire by rotationand being eligible offers himself for re-appointment at the ensuing Annual GeneralMeeting.

Based on the recommendation of Nomination and Remuneration Committee the Board ofDirectors has approved the appointment of Mr. Rajesh Mittal for a term of 5 (five)consecutive years and re-appointment of Ms. Udita Jhunjhunwala for a term of 3 (Three)consecutive years as Independent Directors of the Company.

The notice convening forthcoming AGM includes the proposal forappointment/re-appointment of aforesaid Directors. A brief resume of the Directors seekingappointment/re-appointment at the forthcoming AGM and other details as required to bedisclosed in terms of Regulation 36(3) of the Listing Regulations and Secretarial Standardon General Meetings (SS-2) forms part of the Notice calling the AGM. None of the Directorsare disqualified for appointment/ re-appointment under Section 164 of the Act.

For and on behalf of the Board of Directors
Place: Mumbai Suchita Rajput
Date: August 12 2019 Company Secretary