Inox takes management control of Fame

Inox Leisure Limited (Inox), entertainment subsidiary of Gujarat Fluorochemicals Ltd, on Saturday announced that it has re-constituted the Board of Directors of Fame India Limited (Fame), a company dealing with distribution, exhibition, multiplexes and negative rights of films.

The move comes after Inox completed the acquisition of Fame on January 7.

The decision was taken at Inox?s board meeting held on Friday.

Shyam Shroff and Shravan Shroff, the erstwhile promoter nominees, along with Salim Govani and Susan Thomas, two independent Directors, have resigned, and will accordingly no longer be on the Board of Fame.

Pavan Jain has been appointed as Chairman. Deepak Asher shall continue as a Director on the Fame Board as an Inox nominee.

Speaking after the board meeting, Deepak Asher said, ?We are delighted to have taken over control over the Board of Fame.

?We believe the revised Fame Board composition reflects eminent persons with entrepreneurship, expertise, experience and integrity, to provide Fame with stewardship and guidance, in the best interests of enhancing long term value creation for its stake-holders and upholding the highest standards of corporate governance.?

Kishore Biyani and Amit Jatia shall also continue as independent directors.