Following Metrica’s letter to the chairman of NBI Mr. Gaggar, the company announced today that he has stepped down from his role and will be replaced by Mr. Ashok Bhandari, the former CFO of Shree Cement.

We congratulate Mr. Bhandari on his appointment and look forward to hearing his plans on how to improve shareholder value at NBI.

Mr. Gaggar will continue to serve NBI as an non-executive director, although this must be confirmed by a Special Resolution (75% in favour) at next Monday’s AGM.