Majesco's board approved the formation of a finance committee to assess the company's issuance of additional securities and incurrence of long-term debt exceeding 20% of the company's net worth.
The finance committee will consist of three members, with two chosen from among board directors designated by India-based Majesco Ltd., which owns 70.13% of Majesco's common stock. The other member will be an independent and impartial director.
The board appointed Ketan Mehta and Sudhakar Ram from Majesco Ltd. and Earl Gallegos as the initial members of the finance committee.
The establishment of the finance committee satisfies Majesco Ltd.'s request for the right to nominate three directors to the company's board.