Board of Balmer Lawrie Investment Ltd to be reconstituted
The Cabinet Committee on Economic Affairs (CCEA) today approved a proposal of Ministry of Petroleum & Natural Gas to reconstitute the Board of Balmer Lawrie Investment Limited (BLIL).
An official press release said that this followed the transfer of the administrative control of BLIL from Department of Disinvestment to Ministry of Petroleum & Natural Gas (P&NG).
It said the reconstituted Board will consist of five Directors, with the Director (Finance) of Balmer Lawrie & Company Ltd. (BL) as the ex-officio Director (Finance) of BLIL.
Two Directors will be nominated by the Ministry of Petroleum and Natural Gas, comprising officers at the level of Director/Deputy Secretary from the Ministry, and two independent non-official directors will be appointed by the Government.
At present, the Board of BLIL consists of three non-executive Government nominee Directors and two independent Directors.
BLIL was formed with the approval of Cabinet Committee on Disinvestment at the time of the strategic sale of IBP Co. Ltd., in order to demerge the shares of Balmer Lawrie & Co. held by IBP Company Ltd.
The company was initially incorporated with 100% Central Government holding by subscription of Rs.5 lakh paid up share capital by the government in October, 2001.
The present holding of Government in BLIL is 59.67% of the total paid up equity capital of BLIL(1,32,46,098 shares of Rs.10 each) and the rest is held by financial institutions, banks, mutual funds, insurance companies, corporate bodies, NRIs and public at large. BLIL is a listed company and is not engaged in any manufacturing activity or providing services, the release added.