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Announcement Of Cessation As Interim Executive Director

BackApr 08, 2010
Resignation Details
Name Of Person Kareti Venkataramana
Age 50
Is Effective Date Of Cessation Known? Yes
Effective Date Of Cessation 07/04/2010
Detailed Reason(s) for Cessation Following the successful restructuring of the Company's debt obligations, Mr Kareti is stepping down to facilitate the Board's recomposition efforts, so that the Company can achieve an optimal balance of Board members who are best-placed to lead and control the Group after the discharge of the Company's receivership.

The Company's Sponsor has contacted Mr Kareti and, based on its enquiries, is satisfied that other than as disclosed in this announcement, there are no other material reasons for his resignation.
Is there any difference of opinion on material matters between the person and the Board of directors? No
If yes, please elaborate NA
Is there any matter in relation to the cessation that needs to be brought to the attention of the shareholders of the listed issuer? No
If yes, please elaborate NA
Any other relevant information to be provided to shareholders of the listed issuer? No
If yes, please elaborate NA
Date of Appointment to current position 23/09/2009
Job Title Interim Executive Diretor
Role and Responsibilities Mr Kareti is responsible for the interim management of the Group.
Does the AC have a minimum of 3 members (taking into account this resignation)? Yes
Number of Independent Directors currently resident in Singapore (taking into account this cessation) 4
Number of Cessations of Appointments specified in Listing Rule 704(7) over the past 12 months 11
Shareholding in the listed issuer and its subsidiaries Nil
Family relationship with any director and/or substantial shareholder of the listed issuer or of any of its principal subsidiaries None
Other Directorship
Past Directorship (for the last five years) Trans African Integrated Technologies (Singapore) Pte Ltd
Present Directorship Elcomp Technologies (Singapore) Pte Ltd
Itradez Pte Ltd
KV Holdings Pte Ltd
Bee Vee Holdings Pte Ltd
Malaus International (S) Pte Ltd
Elcomp Laboratories Pvt Ltd
Other Notes
Footnotes Note:

This announcement has been prepared by the Company and its contents have been reviewed by the Company's Sponsor, SAC Capital Private Limited, for compliance with the relevant rules of the Exchange. The Company's Sponsor has not independently verified the contents of this announcement.

This announcement has not been examined or approved by the Exchange and the Exchange assumes no responsibility for the contents of this announcement, including the correctness of any of the statements or opinions made or reports contained in this announcement.

The contact person for the Sponsor is Mr Huong Wei Beng (tel: 65-6221 5590) at 79 Anson Road #15-03 Singapore 079906.