Kindly refer our letter dated October 23, 2017, intimating you of the convening of the meeting of the Board of Directors to inter alia consider and approve the unaudited financial results for the quarter and half year ended September 30, 2017.
In this regard, we wish to inform you that the Board of Directors at their meeting held today have approved / noted the following:
1. Election of Chairperson:
Ms. Shubhalakshmi Panse, a non-executive independent director was elected as the Chairperson of the Board with immediate effect.
2. Appointment of Mr. M M Murugappan as an Additional Director:
Appointment of Mr. M M Murugappan, residing at New No. 14 (old no. 12) Boat Club Road, Raja Annamalaipuram, Chennai - 600 028, as an additional director of the Company with immediate effect and will hold office till the next annual general meeting of the Company.
Information as required under Regulation 30 - Part A of Schedule III of SEBI(Listing Obligations and Disclosure Requirements) Regulations, 2015 is annexed herewith.
3. Quarterly / Half yearly un-audited financial results:
Approval of financial results (Standalone and Consolidated) for the quarter / half year ended September 30, 2017. In this regard, we enclose a copy of the following as prescribed under Regulation 33 of the Listing Regulations:
- The detailed format of the quarterly / half yearly un-audited financial results being submitted as per the listing regulations. The said results will be uploaded on the websites of the stock exchanges;
- Limited review report of the statutory auditors, M/s S R Batliboi & Associates LLP;
- Press release being released with regard to the unaudited financial results.
An extract of the aforesaid financial results will be published in English and Tamil newspapers as stipulated under the Listing regulations.
4. Approval for Investment:
To be present in the health insurance segment that is emerging as one of the fastest growing segment, approval for investment in Cholamandalam Health Insurance Limited (Chola Health) upto 100%, an amount not exceeding Rs. 5,00,000 (Rupees Five lakhs only). Upon completion of this investment, Chola Health will become a subsidiary of the Company. Chola Health will be seeking the approval of IRDA for a health insurance licence subject to satisfying necessary requirements.
The meeting of the Board of Directors commenced at 10.00 am and concluded at 12.15 pm.
Kindly take the above information on record and acknowledge receipt.