1. N. K. Bafna, Rajen K. Mariwala and Prem Malik, existing Independent Directors have been recommended to the shareholders for re-appointment as Independent Directors for a period of 5 years from the date of the Annual General Meeting.

2. The Board of Directors have also recommended to the Shareholders for appointment of S. Sundareshan as an Independent Director for a period of 5 years from the date of the Annual General Meeting.

3. Banwari Lal Singhal and R. Rajagopalan, Independent Directors have resigned from the Board with effect from 31 July 2014 for personal reasons.