SBI appoints its former deputy MD as nominee on Orchid Pharma board

Nomination part of Corporate Debt Restructuring

State Bank of India (SBI) has nominated former deputy managing director Soundara Kumar as its nominee on the Board of the Orchid Chemicals & Pharmaceuticals (OCPL).

The Board of Directors, at a meeting held on March 30, 2015, has considered and appointed Soundara Kumar as a Nominee Director of OCPL.

OCPL informed BSE that in accordance with the Corporate Debt Restructuring (CDR) Package and the Letter of Approval (LoA) issued by CDR Empowered Group, the CDR Lenders are entitled to retain/appoint Nominee on the Board of the OCPL. Accordingly, State Bank of India (SBI) the Monitoring Institution has nominated.