Based on the approval of the audit committee and subject to requisite approvals, consents, sanctions and permissions as may be required in this regard, board of directors has approved the sale of unsued vacant land property situated in Gangaikondan to Sri. Sharath Jagannathan, Chairman and Managing Director a related party (non-material) on an arm's length basis for cash considerations to be negotiated and agreed between the parties subject to a maximum consideration limit not exceeding Rs.6 crores and on such other terms as may be mutually agreed in the best interest of the Company.