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R Systems Announce the outcome of its Board & Remuneration Committee Meetings
Noida, September 29, 2006: The Board of Directors of R Systems International Limited at its meeting held on 29th September 2006 has inter alia unanimously approved the following:
- Appointment of Mr. Suresh Paruthi as an additional director (independent director) of the Company.
- Reconstitution of the Remuneration Committee of directors. After reconstitution the Remuneration Committee consist of the following four directors
- Mr. Raj Kumar Gogia
- Mr. David Richard Sanchez.
- Mr. Gurbax Singh Bhasin &
- Mr. Suresh Paruthi
- Reconstitution of the Audit Committee of directors. After reconstitution the Audit Committee consist of the following five directors
- Mr. Raj Kumar Gogia
- Mr. David Richard Sanchez.
- Mr. O' Neil Nalavadi
- Mr. Gurbax Singh Bhasin &
- Mr. Suresh Paruthi
- Appointment of Mr. Raj Swaminathan, Chief Operating Officer of the Company as additional director (whole time director) of the Company. (Appointment of & Remuneration to Mr. Raj Swaminathan was also approved unanimously by the Remuneration Committee)
- Additional investment up to US$ 1 million in equity / loan of WebConverse, Inc., USA (wholly owned subsidiary company of R Systems International Limited)
- Additional investment up to US$ 2 million in equity / loan of R Systems, Inc., USA (wholly owned subsidiary company of R Systems International Limited
- Reconstitution of the Share Transfer Committee & Shareholders/Investors Grievance Committee of the directors. After reconstitution the Share Transfer Committee is merged with the Shareholders/Investors Grievance Committee & reconstituted with the following four directors
- Mr. Raj Kumar Gogia
- Mr. Suresh Paruthi
- Mr. Satinder Singh Rekhi &
- Lt. Gen. Baldev Singh (Retd.)
- Adopted the change in & appointment of M/s Perry Smith LLP as the auditor of our wholly owned subsidiary companies viz. Indus Software, Inc., USA & WebConverse, Inc., USA.
- Adopted the change in the Articles of Incorporation of R Systems, Inc., USA (wholly owned subsidiary company of R Systems International Limited) with respect to the denomination of its common stock etc.
- Adopted the change of name of WebConverse, Inc., USA from WebConverse, Inc. to R Systems Solutions, Inc. (wholly owned subsidiary company of R Systems International Limited in USA).
- Approved the investment in the industrial plot of approximately 5 acres in Phase – III, Noida, if R Systems International Limited becomes the successful allottee under the Noida Authority Scheme code: NOIDA/IP/2006-07/OES (01).
For
further information please contact:
Nand Sardana (Tel No. 0120 - 430
3506)
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