The board also decided to issue on preferential basis 2 crore equity shares of Rs 2 paid up on premium to the interested persons / promoters / bank / companies etc.

The board has accepted the resignation of Mr Anil Kumar Khetan as independent director and also approved the appointment of Mr Ashok M Shukla (independent director), Mr Ajay Kumar Chug (independent director) and Mr Narayanan RamaSwamy (executive director).

These were considered and approved at the board meeting held on 11 June 2007.