Neueon Towers Limited — Important, 02-12-2024: Updates

The Board Meeting has resulted in significant personnel changes, including the immediate appointments of Mr. Vijayendra Santharam Pasumarthi as Additional Director (Whole-time), and Mr. Purusothama Reddy Marrikunta as Additional Independent Director, both pending shareholder approval. Mr. Sudheer Rayachoti has been appointed Chairman, while Mr. Subrat Sahoo becomes Company Secretary and Mr. Vemulapalli Naveen Babu is appointed Chief Financial Officer.

The reconstitution of the Board complies with the Companies Act and SEBI regulations. The Audit, Nomination and Remuneration, and Stakeholders Relationship Committees have been formed, including independent members to enhance governance.

Additionally, the Board reviewed the approved Resolution Plan as mandated by the NCLT and has authorized company officials for the necessary compliance actions. The 17th Annual General Meeting is scheduled for December 31, 2024, to discuss these developments, highlighting a proactive approach towards corporate governance and compliance. Investors should watch closely as these changes could have a positive impact on the company's strategic alignment and operational effectiveness.