The Management Sub-Committee comprises of the following Directors as members
|Mr. Irfan Razack
|Mr. Rezwan Razack
|Mr. Noaman Razack
Mr. M. Sridhar, Company Secretary and Compliance Officer, acts as Secretary to Management Sub-Committee.
Brief description of terms of reference:
The general terms of reference of the Management Sub-Committee are as under:
- To borrow funds otherwise than on debentures from any banks, financial institutions, group companies or associate entities, affiliates by any which way and in any manner upto Rs.2500 crore and create or modify mortgage, hypothecation, assignment, lien, or charge on the movable or immovable properties, project receivables or any other assets of the Company.
- To invest/ disinvest the funds of the Company through any instruments or grant loans, ICDs, or give guarantee/ security to its subsidiary or associate companies or any new body corporate upto the overall limits and within the individual limits prescribed.
- To create or modify mortgage, hypothecate, assign, lien, or charge on the movable or immovable properties, project receivables or any other assets of the Company or to provide corporate guarantee or create lien on the deposits to enable the subsidiary/ associate/ affiliate companies to borrow funds/ credit facility from banks or financial institutions as per the limits referred above.
- To set up, incorporate or establish firms, companies, joint ventures, SPVs or enter into any other arrangements as deemed fit and fund such entities upto an amount of Rs.500 crore for the purpose of furthering the objects of the Company.
- To deal with the routine day-to-day matters, including opening, operating or closing of bank accounts, modifying the list of signatories, operating the bank accounts, instructions relating to the transactions of the Company with the bankers, to fund the Trusts, provide authorization to persons to act on behalf of the Company in day-to-day matters.
- To comply with routine statutory and regulatory procedures.
- Granting and revoking specific powers of attorney to Company Directors and executives to carry out daily operations.
- To deploy on interim basis the net proceeds (pending utilization) from the Initial Public Offer (IPO) by way of investing in interest bearing liquid instruments, including money market mutual funds, deposits with banks, liquid funds, short-term and ultra-short-term funds, FMPs, bonds, inter-corporate deposits, convertible and non-convertible debentures or any other equity, debt, quasi-equity, quasi-debt instruments or a combination thereof and also to apply the proceeds of the IPO towards reducing Company's overdrafts or such other purposes as may be disclosed in the Prospectus.
Pursuant to Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("LODR"), we wish to inform you that a Meeting of the Board of Directors of Prestige Estate Projects Limited ('the Company') is scheduled to be held on Monday, February 13, 2017, to, inter alia, consider and approve the unaudited standalone and consolidated financial results of the company for the quarter and nine months ended December 31, 2016.
To read the full announcement of the company to the Stock Exchange, click here.
ICRA Limited has upgraded the long term rating of Prestige Estates Projects Limited to [ICRA] A+ ( Pronounced as ICRA A Plus) from [ICRA] A- (Pronounced as ICRA A minus) in respect of the various Fund and Non-Fund Based Credit Facilities sanctioned to the Company.
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