The board has appointed M. S. Ramachandran, Ranjana Kumar, M. K. Sharma, Milind Sarwate and Adhiraj Sarin as independent directors of the company in the above casual vacancies with effect from the close of board meeting of 06 December 2011.

The board has also approved change of current financial year from 01 April 2011 to 31 March 2012 to 9 month period from 01 April 2011 to 31 December 2011 and subsequent financial years of the company to calendar year beginning from 1st January to 31st December in each year.