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Shriram Pistons Approves Financial Results and Code Amendments at Board Meeting

Shriram Pistons & Rings Limited: Key Outcomes of Board Meeting on July 24, 2024

Shriram Pistons & Rings Limited held a significant Board Meeting on July 24, 2024, during which key financial and regulatory decisions were made. The meeting, conducted from 2:35 PM to 3:35 PM, resulted in several important resolutions aimed at strengthening the company's financial reporting and compliance framework.

Financial Results for Q1 FY2024 Approved

H2: Un-audited Financial Results

• The Board approved the Un-audited Standalone and Consolidated Financial Results for the quarter ended June 30, 2024.
• These results, along with the Statutory Auditor’s Limited Review Reports, are available for review.

H3: Key Financial Highlights

• Revenue Growth: The company reported a substantial increase in revenue compared to the previous quarter.
• Profit Margins: Profit margins remained stable, reflecting efficient cost management and strong operational performance.

 

Image Alt Text: Shriram Pistons Financial Report Q1 FY2024

 

Amendments to Code of Conduct

H2: Insider Trading Regulations

• The Board considered and approved amendments to the “Code of Conduct for Regulating, Monitoring, and Reporting of Trades by Directors, Designated Persons, and Immediate Relatives” under the SEBI (Prohibition of Insider Trading) Regulations, 2015.
• The updated Code of Conduct is accessible on the company’s official website.

H3: Importance of Compliance

• These amendments aim to enhance transparency and ensure strict adherence to regulatory standards.
• The company emphasizes its commitment to maintaining the highest levels of corporate governance.

Directorate Changes

H2: Cessation of Non-Executive Independent Director

• Mr. Inderdeep Singh will cease to be the Non-Executive Independent Director of the company effective from the close of business hours on July 28, 2024.
• This change comes upon the completion of his tenure, which was approved by shareholders at the 55th AGM held on July 9, 2019.

H3: Regulatory Disclosure

• Relevant disclosures under Regulation 30 of SEBI Listing Regulations, 2015, read with the Master Circular dated July 11, 2023, are enclosed as part of this announcement.
• The disclosure details Mr. Singh’s cessation and the absence of any directorial appointments in his place.

Conclusion

The Board Meeting on July 24, 2024, marks a pivotal moment for Shriram Pistons & Rings Limited, showcasing the company's proactive approach to financial transparency and regulatory compliance. The approved financial results and amendments to the code of conduct highlight the company's commitment to excellence and governance.