Notice of ANNuAl GeNerAl MeetiNG · Notice of Annual General Meeting Director emen cussion sis eport Re ate vernance e 3 Resolved further that the Board of Directors be and is hereby

Notice and Directors' ReportStandaloneFinancialStatementsConsolidatedFinancialStatements

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Notice of ANNuAl GeNerAl MeetiNG

Noticeisherebygiventhat26thAnnualGeneralMeetingoftheShareholdersofIFGLRefractoriesLimitedwillbeheldonSaturday,22ndAugust2015at11AMattheRegisteredOfficesituatedatSector‘B’,KalungaIndustrialEstate,P.O.Kalunga770031,Dist.Sundergarh,Odishatotransactfollowing:

Ordinary Business

1. Toreceive,considerandadopt:

a) AuditedFinancialStatementsoftheCompanyforFinancialYearendedon31stMarch2015,ReportsoftheBoardofDirectorsandAuditorsthereonand

b) AuditedConsolidated Financial Statementsof theCompany for Financial Yearendedon31stMarch2015andReportoftheAuditorsthereon.

2. TodeclareDividendonPreference(alreadyredeemed)andEquitySharesforFinancialYearendedon31stMarch2015.

3. ToappointaDirector inplaceofMrKunalDalmia(DIN:00393896)whoretiresbyrotationandbeingeligibleofferhimselfforre-appointment.

4. ToratifyappointmentofStatutoryAuditorsandtofixtheirRemunerationandinthisregardtoconsiderandifthoughtfit,topasswithorwithoutmodification(s),followingresolutionasanOrdinaryResolution:

“Resolved thatappointmentofM/sDeloitteHaskins&Sells,CharteredAccountants (RegnNo.302009E),beand isherebyratifiedastheStatutoryAuditorsoftheCompany,toholdofficeuntilconclusionof30thAnnualGeneralMeetingoftheCompanyonsuchRemuneration(includingoutofpocketexpensesandreimbursementofexpenses)asshallbefixedbytheBoardofDirectorsoftheCompany,followingprovisionsofSection139oftheCompaniesAct,2013.”

Special Business

5. Toconsiderandifthoughtfit,topasswithorwithoutmodification(s),thefollowingresolutionasanOrdinaryResolution:

“ResolvedthatpursuanttoprovisionsofSections149,150,152andanyotherapplicableprovisionsoftheCompaniesAct,2013(theAct)andtheRulesmadethereunder[includinganystatutorymodification(s)orre-enactmentthereofforthetimebeinginforce]readwithScheduleIVtotheAct,ProfBharatiRay(DIN:06965340),DirectoroftheCompanywhoceasestoholdherofficeofAdditionalDirectoratthisAnnualGeneralMeetingandinrespectofwhomtheCompanyhasreceivedaNoticeinwritingfromamemberproposinghercandidaturefortheofficeofDirector,beandisherebyappointedasanIndependentDirectoroftheCompanytoholdofficeforatermoffiveconsecutiveyearsuptoconclusionofthe31stAnnualGeneralMeetingoftheCompany.”


“ResolvedthatpursuanttoprovisionsofSections149and152andanyotherapplicableprovisionsoftheCompaniesAct,2013(theAct)andtheRulesmadethereunder[includinganystatutorymodification(s)orre-enactmentthereofforthetimebeinginforce]MrHisatakeOkumura(DIN:05130777),DirectoroftheCompanywhoceasestoholdhisofficeofAdditionalDirectoratthisAnnualGeneralMeetingandinrespectofwhomtheCompanyhasreceivedaNoticeinwritingfromamemberproposinghiscandidaturefortheofficeofDirector,beandisherebyappointedasaDirectoroftheCompanyliabletoretirebyrotation.”

7. Toconsiderandifthoughtfit,topasswithorwithoutmodification(s),thefollowingresolutionasaSpecialResolution:

“ResolvedthatpursuanttoSection188oftheCompaniesAct,2013(theAct)readwithCompanies(MeetingsofBoardanditsPowers)Rules,2014andotherapplicableprovisionsofthesaidAct/Rules,approvaloftheCompanybeandisherebygiventotheBoardofDirectorstoenterintocontract/arrangementforsale,purchaseorsupplyofanygoodsormaterialsdirectlyor throughappointmentofagentseven if inexcessof limit specified forpurposeofClause (a)andClause(e)ofSection188(1)oftheActtoorfromRelatedPartiesincludingHoldingCompany,Subsidiaries,FellowSubsidiariesandAssociatesfromtimetotimeinthebestinterestoftheCompany.

Resolved further thatapprovalof theCompanybeand isherebyalsogiven to theBoardofDirectors toenter intocontracts/arrangements for availing/rendering of any services directly or through appointment of agents even if inexcessoflimitspecifiedforpurposeofClause(d)&(e)ofSection188(1)oftheaforesaidActtoorfromRelatedPartiesincludingHoldingCompany,Subsidiaries,FellowSubsidiariesandAssociatesfromtimetotimeinthebestinterestoftheCompany.

Notice of Annual General MeetingDirectors' Report and Management Discussion & Analysis ReportReport on Corporate Governance

Annual Report 2014-2015

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ResolvedfurtherthattheBoardofDirectorsbeandisherebyauthorisedtodotheneedfulandtakenecessarystepsinthematterandsettleanyoralldifficultiesinitsabsolutediscretiontoimplementtheaboveResolutionforandonbehalfoftheCompany.”


“ResolvedthatpursuanttoprovisionsofSection148oftheCompaniesAct,2013readwithRule14oftheCompanies(AuditandAuditors)Rules,2014andotherapplicableprovisionsandsubjecttonecessaryapprovals,ifany,remuneration,not exceeding` 300,000 only, including reimbursement of expenses, out of pocket or otherwise, approved by theBoardofDirectorsattherecommendationoftheAuditCommittee,oftheCostAuditor,M/sMani&Co.PracticingCostAccountantsof111,SouthernAvenue,Kolkata700029forFinancialYear2015-2016,beandisherebyratified,withfurtherauthoritytotheBoardofDirectorstoalterand/orvarythesameinmanner,astheymaydeemfit,properanddesirable,inbestinterestoftheCompany,attherecommendationoftheAuditCommitteeandalsothattheBoardisauthorisedtodoallactsandtakeallsuchsteps,asmaybenecessary,inthisconnection.”

Registered Office :Sector'B',KalungaIndustrialEstateP.O.Kalunga770031,Dist.Sundergarh,OdishaTel:+916612660195,Fax:+916612660173E-mail:[email protected]:www.ifglref.com ByOrderoftheBoardCorporateIdentificationNumber(CIN):L27202OR1989PLC002971 ForIFGLRefractoriesLimitedKolkata R Agarwal16thMay2015 Company Secretary

ImpORtANt NOteS :

1. A member entitled to attend and vote at the Annual General meeting (AGm) is entitled to appoint a proxy to attend and vote on a poll instead of himself/herself and the proxy need not be a member of the Company. A person can act as proxy on behalf of members not exceeding fifty (50) and holding in aggregate not more than 10% of the total Share Capital of the Company. A member holding more than ten percent of the total Share Capital may appoint a single person as proxy and such person shall not act as a proxy for any other member.

the instrument appointing the proxy should, however, be deposited either at the Registered Office or Head and Corporate Office of the Company not less than Forty eight (48) hours before the commencement of the AGm.

2. CorporateMembersintendingtosendtheirauthorisedrepresentativestoattendtheMeetingarerequestedtosendtotheCompanyacertifiedcopyoftheBoardResolutionauthorisingtheirrepresentativetoattendandvoteontheirbehalfattheMeeting.

3. AnExplanatoryStatementpursuant toSection102(1)of theCompaniesAct,2013 (theAct), relating to theSpecialBusinesstobetransactedattheMeetingisannexedhereto.

4. MembersarerequestedtobringtheirAttendanceSlipalongwiththeircopyofAnnualReporttotheMeeting.

5. IncaseofjointholdersattendingtheMeeting,onlysuchjointholderwhoishigherintheorderofnameswillbeentitledtovote.

6. RelevantdocumentsreferredtointheaccompanyingNoticeandtheExplanatoryStatementareopenforinspectionbythemembersattheRegisteredOfficeoftheCompanyonallworkingdays,exceptSaturdays,duringbusinesshours uptothedateoftheMeeting.

7. MembersholdingsharesinElectronicFormareherebyinformedthatBankparticularsregisteredagainsttheirrespectiveDepositoryAccountswillbeusedbytheCompanyforpaymentofDividend.HencemembersarerequestedtointimateimmediatelyanychangeintheirBankmandatestotheirDepositoryParticipantswithwhomtheyaremaintainingtheirDematAccount.MembersholdingsharesinPhysicalFormanddesirousofeitherregisteringBankparticularsorchangingBankparticularsalreadyregisteredagainsttheirrespectiveFoliosforpaymentofDividendarerequestedtowritetotheCompany.

Notice of ANNuAl GeNerAl MeetiNG (Contd.)


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8. Section 88 of the Act read with Rules framed thereafter provide for maintenance of members Register having details like e-mail ID, Income tax permanent Account Number, Unique Identification Number, Father’s/mother’s/Spouse’s Name, Status, Occupation and Nationality etc. TheForm for furnishing this informationmaybedownloaded fromCompany’swebsitewww.ifglref.comandsenttotheCompanyoritsRegistrarandShareTransferAgent.Registrationofe-mailIDwillalsofacilitatereceiptofallcommunicationincludingAnnualReport,NoticesandCircularsetc.electronicallyfromtheCompany.NeverthelessAnnualReportisalsoavailableontheCompany’swebsitewww.ifglref.comfromwhereitcanbedownloadedbytheShareholdersasandwhenrequired.

9. Electronic copyof theAnnual Report for Financial Year 2014-2015 togetherwith a copyof theNoticeof the 26thAnnualGeneralMeetingoftheCompanyinteraliastatingtheprocessandmannerofE-votingalongwithAttendanceSlipandProxyFormarebeingsenttoallthememberswhosee-mailIDsareregisteredwiththeCompany/DepositoryParticipant(s)forcommunicationpurposesunlessanymemberhasrequestedforahardcopyofthesame.Formemberswhohavenotregisteredtheire-mailaddress,physicalcopiesoftheAnnualReportforFinancialYear2014-2015andotherdocumentsarebeingsentinthepermittedmode.

10. MembersmaynotethatAnnualReportforFinancialYear2014-2015andNoticeofthe26thAnnualGeneralMeetingwillalsobeavailableontheCompany’swebsitewww.ifglref.comfortheirdownload.ThephysicalcopiesoftheaforesaiddocumentswillalsobeavailableattheCompany’sRegisteredOfficeinOdishaforinspectionduringnormalbusinesshoursonworkingdays(exceptSaturdays)uptothedateoftheMeeting.Evenafterregisteringfore-communication,membersareentitledtoreceivesuchdocumentsinphysicalform,uponmakingarequestforthesame,bypostfreeofcost.

11. BriefResumeofDirectorsproposedtobere-appointed/appointedinteraliastatingnatureoftheirExpertiseinspecificfunctional areas, their Qualifications, names of Companies in which they hold Directorships and Memberships/Chairmanships of the Board Committees, Shareholding and Relationships between Directors inter-se, as stipulatedunderClause49oftheListingAgreementwiththeStockExchanges,areannexedhereto.TheDirectorshavefurnishedrequisitedeclarationsfortheirre-appointment/appointment.

12. TheRegisterofMembersandShareTransferRegisteroftheCompanywillremainclosedfromTuesday,18thAugust2015toSaturday,22ndAugust2015,bothdaysinclusive,inconnectionwithensuingAGMandDividendsproposedtobedeclaredthereat.

13. IfDividendonEquityShares,asrecommendedbytheBoardofDirectors, isdeclaredatensuingAGM,paymentwillbemadeonorafterThursday,27thAugust2015,tothoseShareholderswhosenamesshallappearontheCompany’sRegisterofMembers:

i) asBeneficialOwnersasatendofbusinesshoursonMonday,17thAugust2015asperthelisttobefurnishedbyNationalSecuritiesDepositoryLimited(NSDL)andCentralDepositoryServices(India)Limited(CDSL)inrespectofsharesheldinDematerialisedForm.

ii) asMembersinRegisterofMembersoftheCompanyaftergivingeffecttovalidShareTransferslodgedwiththeCompany,onorbeforeMonday,17thAugust2015.

14. Inordertoavoidriskofloss/interceptionofDividendWarrantsinpostaltransitand/orfraudulentencashmentofDividendWarrants,ShareholdersareadvisedtoavailofNECSfacilitywherebyDividendwillbedirectlycreditedelectronicallytotheirrespectiveBankAccounts.ThiswillensurespeediercreditofDividend.Youmaydownload‘NECSMandateForm’fromCompany’swebsitewww.ifglref.comandforwardsaidFormdulyfilledandsignedtotheCompanyoritsRegistrarsandShareTransferAgentorDepositoryParticipants,asthecasemaybe,toavailbenefitfromthisservice.

15. ShareholderswhohavenotyetencashedtheirDividendWarrant(s)forFinancialYearsended31stMarch2008,31stMarch2010,31stMarch2011,31stMarch2012,31stMarch2013and31stMarch2014issuedbytheCompanyarerequested tomake their claims to the Company accordingly,without any delay. No claims received forUnclaimedDividendrelatingtoFinancialYear2007-2008willbeentertainedbytheCompanyonandafter21stSeptember2015sincethereaftersamewillbetransferredtotheInvestorEducationandProtectionFund(IEPF).Pursuanttoprovisionsof IEPF(Uploadingof informationregardingunpaidandunclaimedamounts lyingwithCompanies)Rules,2012,theCompanyhasuploadedthedetailsofunpaidandunclaimedamountslyingwiththeCompanyason22ndAugust2014(dateoflastAnnualGeneralMeeting)onthewebsiteoftheCompanywww.ifglref.comasalsoonthewebsiteoftheMinistryofCorporateAffairs.




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16. EquitySharesoftheCompanyareavailableforDematerialisationbothwiththeNSDLandCDSL.

17. MembersholdingsharesinPhysicalFormarerequestedtonotify/sendfollowingtotheRegistrarsandShareTransferAgentoftheCompanytofacilitatebetterservice:

i) Anychangeintheiraddress/mandate/bankdetails.

ii) ShareCertificate(s),heldinmultipleaccountsinidenticalnamesorjointaccountsinthesameorderofnames,forconsolidationofsuchshareholdingsintooneaccount.

MembersholdingsharesinDematformarerequestedtogiveallinstructionsdirectlytotheirDepositoryParticipants.

18. MembersarerequestedtoquotetheFolioNo.orClientIDandDPIDnumbersinallcommunicationswiththeCompany.

19. PresentlyEquitySharesoftheCompanyarelistedbothontheBSELimitedandNationalStockExchangeofIndiaLimited.

20. ReductionandConsolidationofEquityShareCapitaloftheCompanywascarriedoutintheyear1996.MembersstillholdingoldShareCertificatesarerequestedtosurrenderthesameandobtainfreshCertificatesinlieuthereof.

21. PersonswhohavebecomeMembersoftheCompanyconsequentuponAmalgamationofIndoFlogatesLimited,areonceagainrequestedtosurrenderCertificatesrelatingtotheirholdinginsaidCompanyfordespatchofnewCertificatesrelatingtotheirshareholdingintheCompany.

22. TheSecuritiesandExchangeBoardofIndia(SEBI)hasmandatedthesubmissionofPermanentAccountNumber(PAN)byeveryparticipantinSecuritiesMarket.MembersholdingsharesinElectronicFormare,therefore,requestedtosubmittheirPANdetails to theirDepositoryParticipantswithwhomtheyaremaintaining theirDemataccounts.MembersholdingsharesinPhysicalFormcansubmittheirPANdetailstotheCompany/itsRegistrarandShareTransferAgent.

23. Membersholdingsharesinsinglenameandphysicalformareadvisedtomakenominationinrespectoftheirshareholdingin theCompany.ThenominationformcanbedownloadedfromtheCompany’swebsitewww.ifglref.comundertheSection‘InvestorRelations’.

24. In compliance of Clause 5A of the ListingAgreement 4,488 Equity Shares of the Company issued in Physical Formpursuanttopublic/rightsissuehavebeenDematerialisedandcreditedtoanUnclaimedSuspenseAccount.VotingrightsonsuchsharesremainfrozenandcorporatebenefitslikeDividendaccruingonsuchsharesarebeingcreditedalsotoanUnclaimedSuspenseAccount.Allottees,whomaynothavereceivedEquitySharesappliedpursuanttopublic/rightsissue,maysenddetailstotheCompanyfornecessaryexamination.

25. Voting through electronic means :

In compliance with provisions of Section 108 of the Companies Act, 2013 read with Rule 20 of the Companies(ManagementandAdministration)Rules,2014asamendedfromtimetotimeandClause35BoftheListingAgreement,theCompanyispleasedtoprovidetotheMembersthefacilitytoexercisetheirrighttovoteatthe26thAnnualGeneralMeeting(AGM)byelectronicmeansandthebusinessmentionedinNoticerelatingtheretomaybetransactedthroughtheE-votingservicesprovidedbyNationalSecuritiesDepositoryLimited(NSDL).Itisclarifiedthatitisnotmandatoryforamembertovoteusinge-facilityandamembermayavailofsaidfacilityathis/herdiscretionfollowingtheprocedurebelow.

the instructions for e-voting are as under :

A. In case ofMembers receiving an e-mail fromNSDL (forMemberswhose e-mail addresses are registeredwith theCompany/DepositoryParticipants):

i) Openthee-mailandopenpdffile“IFGLRefractoriesE-voting.pdf”withyourClientIDorFolioNo.aspassword.ThepdffilecontainsyourUserIDandpasswordforE-voting.Pleasenotethatthispasswordisaninitialpassword.

ii) LaunchinternetbrowserbytypingthefollowingURL:https://www.evoting.nsdl.com.

iii) Clickon“Shareholder–Login”.

iv) InsertUserIDandpasswordasinitialpasswordnotedinstep(i)above.ClickLogin.

v) YouwillnowreachPasswordChangeMenu,whereinyouarerequiredtomandatorilychangeyourpasswordwithnewpasswordofyourchoice.Thenewpasswordshallcompriseofminimum8charactersordigitsorcombination



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thereof.Noteyournewpassword.Itisstronglyrecommendedthatyoudonotshareyourpasswordwithanyotherpersonandthatyoutakeutmostcaretokeepyourpasswordconfidential.

vi) Youcanalsoupdateyourmobilenumberande-mailidintheUserProfiledetailsofthefolio,whichmaybeusedforsendingfuturecommunication(s).

vii) Youneedtologinagainwiththenewcredentials.HomepageofE-votingwillopen.Clickon“E-voting:ActiveVotingCycles”.

viii) Selectthe“EVEN”(ElectronicVotingEventNumber)ofIFGLRefractoriesLimited.NowyouarereadyforE-votingasCastVotepageopens.

ix) Onthevotingpage,youmaycastyourvotebyselectinganappropriate option“FOR”or“AGAINST”andclick“SUBMIT”.Aconfirmationboxwillbedisplayed.Click“OK”toconfirmor“CANCEL”tomodify.Onceyouconfirm,youwillnotbeallowedtomodifyyourvote.Uponconfirmation, themessage“VoteCastSuccessfully”willbedisplayed.

x) YoucansimilarlyvoteinrespectofallotherresolutionsformingpartoftheNoticeoftheAGM.Duringthevotingperiod,MemberscanloginanynumberoftimestilltheyhavevotedonalltheResolutions.

xi) Ifyouwishtologoutaftervotingonafewresolutionsandcontinuevotingforthebalanceresolutionslater,youmayclickon“RESET”forthoseresolutionsforwhichyouhavenotyetcastthevote.

xii) Corporate/InstitutionalMembers (i.e.otherthan Individuals,HUF,NRIetc.)arealsorequired tosendscannedcertifiedtruecopy(PDF,JPGFormat)oftherelevantBoardResolution/AuthorityLetteretc.togetherwithattestedspecimensignature(s)ofthedulyauthorisedrepresentative(s)whoareauthorisedtovote,totheScrutinizeratthee-mailaddress:[email protected]@nsdl.co.in.

B. ForMembersholdingsharesinDematerialisedformwhosee-mailIDsarenotregisteredwiththeCompany/DepositoryParticipants,MembersholdingsharesinPhysicalFormaswellasthoseMemberswhohaverequestedforaPhysicalcopyoftheNoticeandAnnualReport,thefollowinginstructionsmaybenoted:

i) Initialpasswordisprovidedasbelow/atthebottomoftheAttendanceSlipfortheAGM:

eVeN (electronic Voting event Number) USeR ID pASSWORD

ii) PleasefollowallstepsfromSr.No.(ii)to(xi)asmentionedinAabove,tocastyourvote.

C. MemberswhoarealreadyregisteredwithNSDLforE-votingcanusetheirexistingUserIDandpasswordforcastingtheirvotes.

D. MembersholdingshareseitherinPhysicalorDematerialisedformasonthecutoffdateof15thAugust2015maycasttheirvoteselectronically.TheE-votingperiodfortheMemberswhoholdsharesasonthecutoffdatecommenceson19thAugust2015(9.00AM)andendson21stAugust2015(5.00PM).TheE-votingmoduleshallbedisabledbyNSDLforvotingthereafter.

E. IncaseofanyquerypertainingtoE-voting,MembersmayrefertotheFrequentlyAskedQuestions(FAQs)forShareholdersandE-votingusermanualforShareholdersavailableatthedownloadssectionofhttps://www.evoting.nsdl.comorcallonTollFreeNo.1800222990.

General instructions/information for members for voting on the Resolutions :

a) FacilityofvotingthroughPollPapershallalsobemadeavailableattheMeeting.MembersattendingtheMeeting,whohavenotalreadycasttheirvotebyremoteE-voting,shallbeabletoexercisetheirrightatthemeeting.

b) MemberswhohavecasttheirvotebyremoteE-votingpriortotheMeetingmayalsoattendtheMeeting,butshallnotbeentitledtovoteagainattheAGM.

c) ThevotingrightsoftheShareholders(forvotingthroughremoteE-votingorbyPollPaperattheMeeting)shallbeinproportiontotheirshareofthepaidupEquityShareCapitaloftheCompanyason15thAugust2015(“cutoffdate”).ApersonwhosenameisrecordedintheRegisterofMembersorintheRegisterofBeneficialOwnersmaintainedbytheDepositoriesasonthecutoffdateonlyshallbeentitledtoavailthefacilityofremoteE-votingaswellasvotingattheAGM.




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d) AnypersonwhoacquiressharesoftheCompanyandbecomesaMemberoftheCompanyafterthedispatch of the AGM Notice and holds shares as on the cut off date, i.e. 15th August 2015 may obtain the login Id [email protected],ifyouarealreadyregisteredwithNSDLforremoteE-votingthenyoucanuseyourexistingUserIDandpasswordforcastingyourvote.Ifyouhaveforgottenyour password, you may reset your password by using “Forgot User Details/Password” option available onhttps://www.evoting.nsdl.com.

e) Mr SMGupta, ProprietorofM/s SMGupta&Co., CompanySecretaries, (MembershipNo. FCSNo. 896and CPNo.2053)hasbeenappointedbytheBoardofDirectorsoftheCompanyasScrutinizerforscrutinizingthevotingprocessattheMeetinginafairandtransparentmanner.

f) TheChairmanshall,attheAGM,attheendofdiscussionontheResolutions,allowthevotingwiththeassistanceofScrutinizerforallthosememberswhoarepresentattheAGMbuthavenotcasttheirvotesbyavailingremoteE-votingfacility.

g) TheScrutinizershall, immediatelyaftertheconclusionofvotingattheAnnualGeneralMeeting,firstcountthevotescastattheMeeting,thereafterunblockthevotescastthroughremoteE-voting,inthepresenceofatleasttwo(2)witnessesnotintheEmploymentoftheCompany.

h) TheScrutinizerwillcollatethevotescastattheMeetingandvotesdownloadedfromtheE-votingsystemandmake,notlaterthanthreedaysfromtheconclusionoftheMeeting,aconsolidatedScrutinizer’sReportofthetotalvotescastinfavouroragainst,ifany,totheChairmanorapersonauthorisedbyhiminwriting,whoshallcountersignthesame.

i) TheChairmanorthepersonauthorisedbyhiminwritingforthwithonreceiptoftheconsolidatedScrutinizer’sReport,declaretheresultofthevoting.TheResultsdeclared,alongwiththeScrutinizer’sReport,shallbeplacedontheCompany’swebsitewww.ifglref.comandonthewebsiteofNSDLhttps://www.evoting.nsdl.comimmediatelyaftertheirdeclarationandcommunicatedtotheStockExchangewheretheCompanyislistedviz.BSELimitedandNationalStockExchangeofIndiaLimited.

j) Subjecttoreceiptofrequisitenumberofvotes,theresolutionsetoutintheNoticeshallbedeemedtobepassedonthedateoftheAGM.

eXpLANAtORY StAtemeNt IN ReSpeCt OF SpeCIAL BUSINeSS pURSUANt tO SeCtION 102 OF tHe ACt

Item No. 5

ProfBharatiRaywasappointedasanAdditionalDirectoroftheCompanyonandfromWednesday,3rdSeptember2014followingprovisionsofSections149(1)oftheActinteraliarequiringaListedCompanytohaveoneWomanDirector.Sheholdsaidofficeuptoconclusionofensuing26thAnnualGeneralMeetingoftheCompany.

FollowingprovisionsofSections149,150,152andanyotherapplicableprovisionsoftheActandRulesmadethereunderreadwithScheduleIVtotheActandClause49oftheListingAgreement,sheisproposedtobere-appointedimmediatelyafterconclusionofensuingAnnualGeneralMeetingasanIndependentDirectorforatermoffiveconsecutiveyearsuptoconclusionofthe31stAnnualGeneralMeetingoftheCompany.SheisnotdisqualifiedfrombeingappointedasaDirectorintermsofSection164oftheActandhasgivenherconsenttoactasaDirector.

DeclarationsfromherthatshemeetsthecriteriaofIndependenceasprescribedbothunderSection149(6)oftheActandClause49oftheListingAgreementhavebeenreceived.YourBoardisoftheopinionthatshefulfillsconditionsofappointmentasanIndependentDirectorspecifiedintheActandalsointheListingAgreementandisindependentoftheManagement.

BriefResumeofher interaliastatingnatureofherExpertise,herQualification,namesofCompanies inwhichsheholdsDirectorshipandMembership/ChairmanshipofBoardCommittees,ShareholdingandRelationshipwithotherDirectorsasstipulatedunderClause49of theListingAgreementwith theStockExchangesareprovided in the statementappearinghereinafter.

CopyofthedraftletterforherappointmentasanIndependentDirectorsettingouttheTermsandConditionsisavailableforinspectionbymembersattheRegisteredOfficeoftheCompanyduringnormalbusinesshoursonanyworkingday,excludingSaturdays.



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ThisStatementmayalsoberegardedasadisclosureunderClause49oftheListingAgreementwiththeStockExchanges.

Prof Ray is interested in the proposed resolution inasmuch as the samedealwith her appointment as an IndependentDirectoroftheCompany.HerrelativesmayalsobedeemedtobeinterestedintheproposedresolutiontotheextentoftheirShareholdingInterest,ifany,intheCompany.

Saveandexcepttheabove,neitherProfRaynorotherDirectors/KeyManagerialPersonneloftheCompanyandtheirrelativesareinanywayconcernedorinterested,financiallyorotherwise,intheproposedresolution.

TheBoardrecommendsproposedOrdinaryResolutionforapprovalbytheMembers.

Item No. 6

MrHisatakeOkumurahasbeenappointedasanAdditionalDirectoroftheCompanyonandfromSaturday,16thMay2015followingprovisionsofSections161oftheAct.Heholdsaidofficeuptoconclusionofensuing26thAnnualGeneralMeetingoftheCompany.

FollowingprovisionsofSections149and152andanyotherapplicableprovisionsoftheActandRulesmadethereunder,heisproposedtobeappointedimmediatelyafterconclusionofensuingAnnualGeneralMeetingasaDirectorliabletoretirebyrotation.HeisnotdisqualifiedfrombeingappointedasaDirectorintermsofSection164oftheActandhasgivenhisconsenttoactasaDirector.

Brief Resume of his inter alia stating nature of his Expertise, his Qualification, names of Companies inwhich he holdsDirectorshipandMembership/ChairmanshipofBoardCommittees,ShareholdingandRelationshipwithotherDirectorsareprovidedinthestatementappearinghereinafter.

MrOkumura is interested inproposed resolution inasmuchas the samedealwithhisappointmentasaDirectorof theCompany.HeisaSeniorExecutiveofKrosakiHarimaCorporation(KHC),Japan,whichhold14.47%oftotalissued,subscribedandpaidupEquityShareCapitaloftheCompany.HeisalsoaDirectorofCompany’sIndianSubsidiary,IFGLExportsLimitedsince20thOctober2011.TransactionsarealsoenteredintoinordinarycourseofbusinessatarmslengthbytheCompanywithsaidKHC.

Saveandexcepttheabove,neitherMrOkumuranorotherDirectors/KeyManagerialPersonneloftheCompanyandtheirrelativesareinanywayconcernedorinterested,financiallyorotherwise,intheproposedresolution.

TheBoardrecommendsproposedOrdinaryResolutionforapprovalbytheMembers.

Item No. 7

YourCompanyentersintofromtimetotimecontractsand/orarrangementswithrelatedpartieswithregardtosale,purchaseorsupplyofgoodsormaterials,availingorrenderingofservices,whicharerepetitiveinnature.AlthoughsaidtransactionsareenteredintobyyourCompanyinordinarycourseofbusinessandalsoatarmslength,proposedresolutionisforyourapprovalintermsofprovisotoSection188(1)oftheCompaniesAct,2013readwithRulesframedtherefor.

YourDirectorsrecommendpassingoftheproposedresolutionintheinterestoftheCompany.

NoneoftheDirectors/KeyManagerialPersonnelortheirrelativesisinterestedorconcerned,financiallyorotherwise,insaidresolutionsaveandexcepttotheextentcontractsorarrangementswillpertaintorelatedparties.

Item No. 8

YourCompanyisrequiredtomaintainCostRecordsandhavethesameauditedbyaCostAuditorfollowingprovisionsofSection148oftheAct,correspondingtoSection233BoferstwhileCompaniesAct,1956.TheBoardofDirectorsaccordinglyat the recommendationof theAuditCommitteeof theBoardhas re-appointedM/sMani&Co.,CostAccountants,ataremunerationnotexceeding`300,000onlyforfinancialyear2015-2016.Rule14oftheCompanies(AuditandAuditors)Rules,2014interaliaprovideforratificationofremunerationoftheCostAuditorbytheshareholdersandhencetheproposedresolution.

YourDirectorsrecommendpassingofthesameasthesameisintheinterestoftheCompany.

NoneoftheDirectors/KeyManagerialPersonnelortheirrelativesisinterestedorconcerned,financiallyorotherwise,insaidresolution.




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Details of Directors seeking Appointment/Re-appointment at the Annual General meeting :

Name of the Directors KUNAL DALmIA pROF BHARAtI RAY HISAtAKe OKUmURA

Date of Birth 02/09/1964 26/07/1934 22/11/1962expertise in Specific Functional Area

•WellknownBusinessmaninKolkata,ExtensiveknowledgeofExportandImportBusiness.

•EducationandCulture,InternationalRelations,ScienceandTechnology.

•SeniorExecutiveofKrosakiHarimaCorporation,Japanandhasworkingexperienceofmorethan25years.

Qualification GraduatefromMadrasUniversity,India.

Ph.DinHistoryandEducation.

GraduatefromMeijiUniversity,Japan.

Board membership of other Companies as on 31st march 2015

1.

2.

3.

4.

5.

6.

7.

8.

9.

10.

11.

12.

KahmPropertiesPrivateLimitedLindsayInternationalPrivateLimitedAlkharshInternationalPrivateLimitedDallasTowersPrivateLimitedFabulousPropertiesPrivateLimitedGlobalSteelEngineeringPrivateLimitedAlkmaiTradingPrivateLimitedLindsayTowersPrivateLimitedBelairPropertiesPrivateLimitedHighlifeDevelopersConsultantsPrivateLimitedArmasolPropertiesPrivateLimitedTopflowBusinessPrivateLimited

Nil 1.IFGLExportsLimited

Chairman/member of the Committee of the Board ofDirectors of the Company as on 31st march 2015

Nil Nil Nil

Chairman/member of the Committee of Directorsof other public Companyof which he/she is Director as on 31st march 2015

Nil Nil Nil

Shareholding as on 31st march 2015

Nil Nil Nil

Relationship between Directors inter se

None None None

Documents

Notice of ANNuAl GeNerAl MeetiNG · Notice of Annual General Meeting Director emen cussion sis eport Re ate vernance e 3 Resolved further that the Board of Directors be and is hereby