At their meeting held today, the Audit Committee reviewed the valuation reports of Nueclear Healthcare Ltd., (NHL) received from Karvy Investor Services Ltd. and noted the long gestation period of this business in terms of returns. The Committee also felt that accepting the offer of Dr. A. Velumani, Chairman, MD & CEO, to acquire the entire shareholding in NHL may result in dilution of his focus and time, which is not in the interest of the Company. Hence, the Audit Committee recommended that it is not expedient to accept the offer of Dr. A. Velumani at this juncture.
The Board, which met subsequently, accepted the above recommendation of the Audit Committee.
None of the promoter-directors, were present during the discussions at the Audit Committee Meeting and at the meeting of the Board of Directors.