Reliance Defence FY2017 loss narrows to Rs577.22 crore
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New Delhi: Reliance Defence and Engineering Ltd has reduced its consolidated loss to Rs577.22 crore for the year ended March, 2017.
The company had posted a loss of Rs592.42 crore for the year ended 31 March, 2016, Reliance Defence and Engineering said in a filing to BSE.
The consolidated total revenue of the ocmpany for the year ended 31 March, 2017 increased to Rs603.12 crore, over Rs346.16 crore for the year ended 31 March, 2016.
The company said that its board, at a meeting held on Tuesday, has approved revalidation and approval of rights issue up to Rs1,200 crore which was approved “by the board held in 22 April, 2016.”
The board has also approved the appointment of Kartik Subramaniam, chief executive officer, as a whole-time director of the comapny with effect from Tuesday in place of H.S. Malhi who superannuated from the services of the comapny and “ceased to be the whole-time director with effect from 11 April, 2017.”
The appointment of Subramaniam, CEO, as “whole time director of the company is approved for three years with effect from 11 April, 2017.
Reliance Group companies have sued HT Media Ltd, Mint’s publisher, and nine others in the Bombay high court over a 2 October 2014 front-page story that they have disputed. HT Media is contesting the case.