Kalyan Jewellers appoints former CAG Vinod Rai as Chairman

Kalyan Jewellers India Ltd on Monday appointed former CAG Vinod Rai as its Chairman and independent non-executive director.

The appointment will be subject to regulatory and shareholders' approvals, the company said in a stock exchange filing.

T S Kalyanaraman will continue as Managing Director on the company's board.

Vinod Rai was the former Comptroller and Auditor General of India (CAG) and the former chair of the United Nations Panel of External Auditors.

Rai has held various positions within the central as well as state governments, and has been instrumental in various reforms. He has also served as the Chairman of the Banks Board Bureau, a body set up by the government to reform public banking in the country.

Rai has been awarded the Padma Bhushan, India's third highest civilian award, in recognition of his services to the country.

He has Masters degrees in economics as well as public administration from Delhi School of Economics, University of Delhi, and the Harvard Kennedy School, Harvard University, USA, respectively.

"It is a privilege for me to be associated with Kalyan Jewellers, a company which has built the highest levels of trust amongst its stakeholders, conducts its business in an ethical and transparent manner and upholds the standards of good corporate governance," Rai said.

Kalyan Jewellers has a well-recognised brand, pan-India footprint and a strong management team at the helm of the business, he said.

"The Kalyanaraman family, with its deep commitment to customer transparency and enlightenment, has been at the forefront of transforming the jewellery retailing sector in India. I eagerly look forward to my association with Kalyan," Rai said.

The company's MD said that the former CAG brings a tremendous breadth and depth of experience. "We are looking forward to him adding further to the diverse experience we already have on our board today," T S Kalyanaraman said.

Vinod Rai's appointment as chairman makes him the 8th non-executive director on the board of the jewellery firm.

Salil Nair (former CEO, Shoppers Stop), Anil Nair (former CEO, L&K Saatchi & Saatchi India), Kishori Udeshi (former RBI Deputy Governor), Anish Saraf (MD, Warburg Pincus India), T S Anantharaman (former Chairman, Catholic Syrian Bank), Mahalingam Ramaswamy (former MD, State Bank of Travancore) and Agnihotra Dakshina Murty Chavali (former ED of Indian Overseas Bank) are other seven directors.