1. Approved in-principle, merger of some of the subsidiaries including, Titagarh Marine (TML) with the Company subject to necessary compliances in this regard and authorised the Merger & Acquisition Committee to get a detailed Scheme and other data prepared on the subject for further consideration of the matter; and

2. Recommended dividend at the rate of 40% on the Equity Shares of Rs. 2/- each fully paid up subject to declaration by the shareholders at the ensuing Annual General Meeting.