Oricon Enterprises: Outcome of board meeting

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Oricon Enterprises Ltd has informed BSE that the Board of Directors of the Company at its meeting held on March 16, 2015, has approved:1. Appointment of Mrs. Sujata Parekh Kumar as an Additional Director on the Board.2. Appointment of Mr. N. Ganga Ram as an Additional Director on the Board.3. To acquire, subject to approvals and permissions, if any, 70% Shares i.e. 75,74,644 Equity Shares of Rs. 10/- each of Oriental Containers Limited, its Joint Venture Company, engaged in the business of manufacture of packaging products, from OC Holding Ltd. Mauritius at a consideration of Rs. 105.00 crores.The acquisition would be funded through the Company’s internal resources and borrowings including interest free loans from Directors.With this acquisition Oriental Containers Limited will become its wholly owned subsidiary.4. Re-appointment of Mr. Rajendra Somani as Managing Director of the Company whose tenure expires on March 31, 2015, for further period of 5 years, w.e.f. April 01, 2015 subject to the approval of the Shareholders at the next Annual General Meeting.Source : BSE

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