DLF appoints Ashok Kumar Tyagi, Devinder Singh as chief executive officers, whole-time directors

File image of Ashok Tyagi and Devinder Singh

Ashok Kumar Tyagi and Devinder Singh, whole time directors of DLF Limited, have been appointed as Chief Executive Officers and Whole-time Directors of the company with immediate effect, the company said in a regulatory filing on June 11.

“Pursuant to the provisions of Section 203 of the Companies Act, 2013, the Board of Directors in its meeting held today has entrusted additional responsibilities upon Mr. Ashok Kumar Tyagi [DIN: 00254161] and Mr. Devinder Singh [DIN:02569464], both of whom are whole time Directors of DLF Limited by re-designating/ appointing them as Chief Executive Officers & Whole-time Directors of the Company with immediate effect,” it said.

Tyagi is a PGDM from IIM Ahmedabad and BE (Mech) from IIT Rourkee. He joined DLF on July 14, 2008 as executive director, where he was leading efforts in the areas of business planning, budgeting, project monitoring, audits and document control. On October 1, 2009 he was appointed as Group CFO.

He was also responsible for the commercial functions, all support functions of the development vertical including finance, HR, legal and secretarial functions, the company said.

Singh is a PGDM and BE (civil). He joined the company on November 25, 1985 as a graduate engineer trainee. He was responsible for overseeing the growth plans of the company in the Gurugram area. He was appointed as whole time director on board of DLF Limited on December 1, 2017. He was responsible for the entire business of the company in the North region, comprising Gurgaon (including DLF-5), Tri-city region, Punjab and Himachal Pradesh including land, regulatory and business development matters, operations and facility management, the company said.

In January, the company had informed the stock exchanges that Rajeev Talwar, whole-time director of DLF since February 14, 2014, and who was elevated as CEO on August 28, 2015, had decided to retire.

The regulatory filing on June 11 also noted that, on the recommendation of the Nomination and Remuneration Committee of the Company, Savitri Devi Singh  and Anushka Singh have been co-opted as additional directors of the company with immediate effect, subject to the approval of shareholders.

Both, Savitri and Anushka, are daughters of DLF Chairman Rajiv Singh. Their brief profiles, highlighting the educational backgrounds, was shared by the company in the BSE filing.

"Savitri Devi Singh has a Bachelor of Science in Economics from the Wharton School at the University of Pennsylvania, where she graduated with a double concentration in Real Estate and Management. She did her internship training with VORNADO Realty Trust, a fully integrated Real Estate Investment Trust in USA. She has more than ten years of rich experience with international business exposure in strategy, Project Development, Leasing & Marketing in Office and Retail Real Estate," DLF said.

"Anushka Singh has a Bachelor of Science in Economics from The Wharton School at the University of Pennsylvania, where she graduated with a double major in Real Estate and Management. She has varied experience in residential development, hospitality operations, sales & marketing and strategic guidance," it added.

The regulatory filing also noted that the meeting of board of directors commenced at 14:00 hours and concluded at 16:20 hours.

Also Read | DLF posts Q4 profit at Rs 481 crore, FY21 net at Rs 1,093.61 crore

DLF on June 11 reported a consolidated net profit of Rs 480.94 crore for the quarter ended March. It had posted a net loss of Rs 1,857.76 crore in the year-ago period. Total income rose to Rs 1,906.59 crore in the fourth quarter of 2020-21 from Rs 1,873.80 crore earlier, the regulatory filing said.

Demand in the residential business exhibited a strong comeback in the fiscal. New Sales bookings for the fiscal stood at Rs 3,084 crore, reflecting a Y-o-Y growth of 24%, DLF said in a statement.

Its new product launches of independent floors in DLF City and New Gurgaon witnessed healthy absorption vindicating demand for quality products in established locations. It clocked new products sales booking of Rs 908 crore during the second half of the fiscal, the company said.

Optimized cost structures and efficient working capital management coupled with a steady ramp-up in collections led to positive cash flows in all quarters. Consequently, its Net Debt stood at Rs 4,885 crore, a reduction of Rs 382 crore, it said.

“We are enthused with the recovery witnessed in the residential markets and expect this growth cycle to continue in the long run. Given the strong outlook for the residential segment, we continue to embark on this upcycle by scaling our new products offering across segments and geographies,” it said.

Progress on getting DCCDL REIT ready remains on track, it said.

The rental business is witnessing some short-term impact with new leasing activity remaining tepid due to the resurgence of the pandemic. “We, however, believe it is a temporary blip, and the underlying attractiveness of the Indian market is expected to remain in place. The IT sector, including captives, continued to exhibit growth and hiring activity is expected to rise; hence, we continue to maintain a positive outlook for the rental business,” it said.