Vakrangee implements Kotak Committee recommendations, appoints veteran Ramesh Joshi (Ex-RBI and Ex-SEBI ED) as Non-Executive Chairman

ANI | Updated: Jan 24, 2020 17:43 IST

Mumbai (Maharashtra) [India], Jan 24 (ANI/PRNewswire): In pursuance of highest standards of corporate governance and in line with SEBI's revised Listing Obligations and Disclosure Regulations (Regulation 17(1B) of SEBI LODR, 2015) with regard to separation of roles of Chairman and Managing Director, and that the persons holding these responsibilities should not be related to each other.
Also, as per the said clause, the chairperson of the company has to be a non-executive director.
Accordingly, the Nomination and Remuneration Committee ('NRC') of the company has recommended a structured and comprehensive change in Senior Management. Based on the NRC Committee recommendation, the Board has considered and approved the following, subject to any approval, if applicable:
The company is pleased to announce the appointment of Ramesh Joshi as the 'Non-Executive Chairman' of the company with immediate effect. This would improve the corporate governance standards as well as further enhance the independence of the Board.
* In his distinguished and illustrious career sprawling over 40 plus years, he has held several leadership positions in the Reserve Bank of India and has been Nominee Director on behalf of RBI on the Boards of Various Banks, and retired as an Executive Director of SEBI.
* He is also on the Panel of Arbitrators for NSE, BSE and MCX.
* He will serve as a mentor and continue as a guiding force for the Managing Director on issues presented to the Board, especially in the areas of corporate governance practices and all types of business risk assessment and mitigation initiatives. He shall also continue and be available to provide feedback and consultation to the Managing Director on any critical issues faced by the company.
Also, the company is pleased to announce the re-designation of Dinesh Nandwana to the role of 'Managing Director and Group CEO' in place of Anil Khanna with immediate effect.
* Nandwana is fully committed and will continue to play an active role in the business strategy and operations. He has been at the helm of the business operations of the Company since inception. He has been guiding the company for more than two decades and his vast experience is backed by astute and dynamistic leadership qualities.
* He has been instrumental in moulding the company and has immensely contributed to the growth and diversification of the company from being an e-governance player to a unique retail distribution platform with Pan India network of franchisee-led retail outlets.
* Under his vision, the company has set a track record for consistent and sustainable growth. As a front-runner of the organisation, he ensures a tone of integrity and ethics across operations and establishes the highest standards of corporate governance.
* Under his leadership, the company has a clear vision with a planned target of 3,00,000 NextGen outlets by FY2025.
This story is provided by PRNewswire. ANI will not be responsible in any way for the content of this article. (ANI/PRNewswire)