Ref: PPL/CS/144 /09-10

March 11, 2010

Bombay Stock Exchange Limited
Phiroze Jeejeeboy Towers
Mumbai – 400 001
Mr. Sanjay Golecha

 National Stock Exchange Of India Ltd
Exchange Plaza Bandra Kurla Complex
Bandra (East) Mumbai 400 051
Mr. Hari K.

 

 

 

Dear Sir,

This is to inform you that the Board of Directors of the Company at their meeting held on 10th March 2010, inter-alia, considered and approved the following:

1.
Mr. Suresh Gupta has been re-designated as the Chairman & Managing Director of the Company, Past Chairman Mr. K. C. Narang will continue to be Director of the Company, and, Mr. K C Narang has been appointed as Chairman of the reconstituted Audit Committee. Other two members of the Audit Committee would be Mr. Arun Gandhi and Mr. P V Narayanan, who are currently part of Audit Committee.
   
2.
Mr. M. K. Srinivasan has been appointed as an Additional Director under section 260 of the Companies Act, 1956 effective near end of March 2010 and after his DIN (Director Identification Number) is approved. He will carry out the responsibility of being Whole Time Director and CEO of the Company, designated as CEO and Executive Director. Mr. M. K. Srinivasan brings with him more than 26 years of rich and varied experience including his earlier over 11 years with the Company (1993 to 2004) when he was the CFO at the time of his departure. Thereafter he spent 5 years with Arcelor Mittal and his last stint was as CEO of ArcelorMittal Zeneca, Bosnia. His appointment will be subject to approval of the shareholders at the forthcoming Annual General Meeting of the Company.

Kindly take the same on your records.

Thanking you,

Yours faithfully,
For The Paper Products Ltd.,

Sushil Agarwal
Company Secretary & Head – Taxation