Info-Drive board approves raising convertible funds, management changes

By Tali Rackner

Norfolk, Va., May 13 - Info-Drive Software Ltd. informed the Bombay Stock Exchange that its board of directors met on Tuesday and approved the following:

• The raising of funds up to $10 million through issue of foreign currency convertible bonds convertible into equity shares;

• The appointment of Pramod Manoharlal Jain as an additional director of the company;

• The resignation of K. Chandrasekaran as director of the company;

• The resignation of ANL Madhavann as company secretary and compliance officer. He will continue as director and chief financial officer of the company; and

• The appointment of Ajay K. Mehta as the company secretary and compliance officer.

The management changes are all effective immediately.

Chennai, India-based Info Drive Software provides information technology consulting services.

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