Page 3 - Board Of Directors

Russian energy giant Rosneft appoints former IOC director to its board

Russian energy giant Rosneft has appointed a former Indian Oil Corporation (IOC) director to its board in signs it may be looking at boosting trade links with India. G K Satish, who retired as director for business development at IOC in 2021, is one of the three new faces appointed to the 11-strong board of directors of Rosneft, according to a statement issued by the Russian firm. Satish, 62, is the first Indian to be appointed to the board of Rosneft. Rosneft has partnerships with Satish's former company in oil and gas fields in Russia. It also sells crude oil to IOC and other Indian firms and has in recent months started shipping naphtha to Gujarat refiners. His appointment assumes significance as Rosneft is now eyeing more deals with Indian firms including the sale of liquefied natural gas (LNG). Satish, who has deep insight into the Indian oil and gas market and has expertise in petroleum product marketing, petrochemicals, LNG and international trade, is one of the five ...

Board of CUMI appoints Sridharan Rangarajan as new MD from August 3

The board of directors of Carborundum Universal Ltd (CUMI), part of the diversified conglomerate Murugappa Group, has appointed Sridharan Rangarajan as its managing director with effect from August 3. Rangarajan currently serves Carborundum Universal Ltd, as its director-finance and strategy. He succeeds N Ananthaseshan who would be retiring from the services of the company and stepping down as director at the close of business hours on August 2. "Delighted that Sridharan Rangarajan, who has been an integral part of the company's strategy and growth for over a decade, is taking over as MD. This will ensure a smooth transition as the company gears up for further expansions in India and global operations," CUMI Chairman M M Murugappan said. On the retirement of Ananthaseshan, he said, "On behalf of the Board, I would like to thank Ananthaseshan for his stellar services to the company over 37 years. He leaves Carborundum well positioned for its next phase of growth in all respects. We

PFS initiates process to select new CEO to put behind corporate lapses

PTC India Financial Services Ltd (PFS) has initiated the process of selecting a new chief executive officer as the company leaves behind the past controversies over allegations of corporate governance lapses. According to sources familiar with the matter, the selection process for the new MD and CEO is anticipated to be concluded by October 19, aligning with the superannuation of the incumbent chief Pawan Singh. The company's management is committed to moving forward and embracing a new chapter at PTC India Financial Services Ltd (PFS). As it leaves behind the controversies of the past, PFS is seeking a new MD and CEO, who will lead it towards a more promising future, the sources said. PFS, classified as an Infrastructure Finance Company (IFC) by the Reserve Bank of India, operates as a systemically important non-deposit-taking NBFC, promoted by PTC India Ltd. In the wake of the resignation of three independent directors on January 19, 2022, citing concerns over corporate governanc

Godrej Consumer Products appoints Aasif Malbari as CFO from August 10

Sameer Shah, GCPL's current CFO, will move to a Group role leading consumer investments

Reliance Chemotax board to meet on May 26, decide on dividend for FY23

The directors will also consider and deliberate on the audited financial results of the company for the March quarter of the previous financial year

TMS Ep413: Non-exec chairman, retail zones, IT stocks, safe harbour rules

Time to ease up on non-exec chairman and directors? Can brands create exclusive retail zones in India? Can IT stocks trigger a market correction? What are safe harbour rules? Answers here

Sebi clarifies on shareholders' approval for directors appointment on board

Listed public sector companies, including banks, will be required to take shareholders' approval for any appointment or reappointment to the board of directors in the immediate next general meeting, capital markets regulator Sebi has clarified. In case shareholders do not clear resolution for the appointment, such a person would cease to be a director, it added. Providing informal guidance to state-owned Bank of Baroda, the Securities and Exchange Board of India (Sebi) indicated that its views might differ on a case-to-case basis. The clarification came after Bank of Baroda sought informal guidance in relation to amendments made in LODR (Listing Obligations and Disclosure Requirements) rules pertaining to shareholders' requirement for appointment on the board. The bank has sought clarification on the status of government-appointed directors in a scenario where resolutions put for appointment are rejected by shareholders and whether the government can participate in such a ...

When silver is gold for company boards: Over 300 directors 'octogenarians'

321 company directors are octogenarians, 22 are over 90, largest chunk in 45-60 band

Grasim board inducts Ananya Birla, Aryaman Vikram Birla as directors

Aditya Birla Group flagship firm says move comes at an appropriate moment, with the creation of the paints vertical and B2B platform for building material

Swiggy announces appointment of three independent directors to its Board

Swiggy on Monday announced it has appointed three independent directors to its Board - Mallika Srinivasan, Padma Shri awardee and Chairman and Managing Director of TAFE; Shailesh Haribhakti, Chairman of Shailesh Haribhakti & Associates; and Sahil Barua, Managing Director and CEO at Delhivery.

Timely response in governance

Commentary on misgovernance dwells on misdemeanour, but perpetrators often do not demonstrate malintent. There are plenty of smoke signals, however, before every episode

Indian-origin man appointed Director of Toll Road Authority in US

An Indian-origin man has been appointed to the Board of Directors of the Fort Bend Toll Road Authority and the Grand Parkway Toll Road authority in the US state of Texas. Swapan Dhairyawan, 57, was appointed last week based on his background, community outreach, and financial expertise. I am proud to appoint Dhairyawan to the Grand Parkway Tollway Board of Directors, Precinct 3 Commissioner Andy Meyers said. He is a Certified Public Accountant and understands the importance of being a good steward of the people's money, he added. As a Director of the autonomous body, Dhairyawan will oversee the maintenance, expansion, budget, and economic impact for the county. I am thankful to Commissioner Andy Meyers Precinct 3 for nominating me for this position at the Fort bend Commissioners Court, and I am looking forward to engaging and working for substantive results. The Tollways not only connect people but they are an economic engine for the neighbourhood which gets enriched abundantly,"

NDTV approves proposal to invite two Adani nominees on its board

The appointment of directors, NDTV said, would be taken up at its next board meet on December 23

The regulatory puzzle of MIIs

Market infrastructure institutions are being turned into de facto PSUs. Have we failed to find the right balance in their operations?

Vedanta Group notifies third interim dividend of Rs 17.50 per share

Vedanta Group approved the third interim dividend of Rs 17.50 per share or 1750 per cent for the financial year 2022-23, on Tuesday November 2022

Kirloskar Industries' Board seeks forensic audit on Kirloskar Brothers

KIL raised questions whether the KBL Board, especially the independent directors of KBL, verified the claims made by Sanjay Kirloskar in relation to the Deed of Family Settlement

Women directors: Companies not complying with Sebi rules is a worrying sign

The average number of women independent directors in Nifty 50 companies is 1.28. In several countries in Europe the percentage is above 30. It is above 25 in the US

Nayara Energy seeks Centre's approval on independent directors' pay

The company said the remuneration proposed to be paid to the independent directors is comparable with the remuneration being paid for similar assignments in the industry

Dabur's chairman Amit Burman resigns, will remain non-executive director

Saket Burman has been appointed as the non-executive vice chairman of the board of directors with effect from August 11 for a period of 5 years

Torrent Pharma expected to enter diagnostics space in next 2-3 months

A company called Torrent Diagnostics Private Ltd was incorporated in February this year and has a Torrent Pharmaceuticals executive director as one of its directors