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Code: 517214
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Modi effect: Spice Mobiles hits upper limit

SI Reporter / Mumbai 26 Apr 10 | 10:47 AM

Spice Mobiles has hit the 5% upper circuit at Rs 66, after the company at its meeting held on April 24, approved the change in constitution of board.

Dilip Modi, chairman of the company, has now been apointed as the managing director. Dr Bhupender Kumar Modi to don the chairman's role. Preeti Malhotra has been appointed as the executive director, while Krishan Lal Singh, Kashi Nath Memani and Suborto Chattopadhyay are among the independent directors of the board.

R N Bansal, R K Pandey, Subramanian Murali, Kunal Ahooja, H M Dahya and Vivek Bali, who were the directors earlier, have now resigned from the board.

In April 2009, Spice Televentures, B K Modi group firm which already held 20.18% equity in Spice Mobiles, signed an agreement to increase its stake in the company to 63.23% through purchase of shares from two other promoter group entities, Spice Enfotainment and Twenty First Century Capitals Ltd.

Meanwhile, the company started production of Spice mobile phones at its factory situated at Baddi. In pursuant to the commencement of above-mentioned production activity, Spice has become the first Indian mobile phone brand to commence local manufacturing of mobile phones in India.

Around 459,000 equity shares have changed hands on the counter so far on the BSE.

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