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Last Updated : Jan 27, 2020 09:07 AM IST

Vakrangee appoints Ex- RBI & Ex-SEBI ED Ramesh Joshi as Non-Executive Chairman, complies with Kotak Committee Recommendations

Ramesh Joshi, in his long and illustrious career sprawling over 40+ years, he has held several leadership positions in the Reserve Bank of India

Vakrangee Limited has appointed Mr. Ramesh Joshi (EX-RBI & EX-SEBI ED), a veteran with over 40 years of experience, as the Non-Executive Chairman of the company as well as has Re-designated Mr. Dinesh Nandwana, Executive Chairman as the Managing Director and Group CEO in place of Mr. Anil Khanna. This re-structuring further enhances the independence of the Board.

In order to enhance and pursue Highest standards of Corporate governance and In Line with Kotak Committee recommendations and SEBI’s revised Listing Obligations and Disclosure Regulations (Regulation 17(1B) of SEBI LODR, 2015), Vakrangee has complied with the said regulation well before the targeted timelines by appointing Mr. Ramesh Joshi as the Non-Executive Chairman and Re-designating Mr. Dinesh Nandwana as the Managing Director and Group CEO.

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Mr. Ramesh Joshi, in his long and illustrious career sprawling over 40+ 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.  Mr. Ramesh Joshi 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 type of Business Risk assessment & Mitigation initiatives.

Mr. Dinesh Nandwana as Managing Director and Group CEO 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 decade 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. Under his leadership, the company has a planned target is to reach atleast 25,000 Kendras by FY 2019-20 and further enhance it to reach 3,00,000 Nextgen outlets by FY 2024-25.

SEBI Regulation

 SEBI had formed a committee on corporate governance in June 2017 under the Chairmanship of Mr. Uday Kotak with a view to improve the standards of corporate governance of listed entities in India. Based on its Recommendations, in May 2018, SEBI amended Regulation 17 of the Listing Regulations of 2015, by inserting a new clause, 1B. Regulation 17 (1B) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, required the top 500 listed companies to divide the positions of chairman and MD or CEO of the company.

These top 500 listed entities shall further ensure that the chairperson of the board of such listed entity shall be a non-executive director and not be related to the managing director or the chief executive officer as per the definition of the term relative defined under the Companies Act, 2013.

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First Published on Jan 27, 2020 07:50 am
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