Nicco Corp. Ltd. announced that the Board of Directors of the Company at its meeting held on February 12, 2014, the board approved the retirement of Mr. Udayan Ray as Managing Director & CFO of the company from the close of March 31, 2014 and continuance as Non-Executive Vice Chairman of the company with effect from April 01, 2014. The Board approved the appointment and payment of remuneration to Mr. Swapan Kumar Mukherjee, as Managing Director of the company with effect from April 01, 2014.

Mr. Manash Chakraborty, Nominee Director of Asset Reconstruction Company (India) Limited (ARCIL), has been appointed as an Additional Director of the Company, with effect from February 12, 2014, to hold office until the date of the forthcoming Annual General Meeting of the company.