Three directors quit Piramal Entreprises board to aid succession planning

Keki Dadiseth, Dr. R.A. Mashelkar and Prof. Goverdhan Mehta, independent directors on the board of Piramal Enterprises have resigned, the company informed BSE

Keki Dadiseth, Dr. R.A. Mashelkar and Prof. Goverdhan Mehta, independent directors on the board of Piramal Enterprises have quit their positions as per succession planning, the company said in a communication to BSE on Wednesday night.

"The company, being cognisant of the imminent maximum tenure guidelines, and to ensure continued smooth functioning of the board, has had discussions relating to succession planning for the idependent directors and it is in this regard that three independent directors of the board, Keki Dadiseth, Dr. R. A. Mashelkar and Professor Govardhan Mehta have tendered their resignations as Independent Directors with effect from the close of business hours on 28th October 2020," the company said a in its communication to BSE.

At present, the company has nine independent directors on its board. Seven of the nine directors were re-appointed at the AGM held on 30th July, 2018, for a second term of 5 years - which will end on 31st March 2024. The board had, at its meeting held on 14 October, 2020 appointed two independent directors, Suhail Nathani and Kunal Bahl, to the board, it said.

The company reported a 13.95 percent increase in its consolidated net profit to Rs 628.31 crore for the quarter ended on September 30, 2020.