ITC seeks shareholders’ nod to extend YC Deveshwar’s term

FMCG major, ITC, is set to extend YC Deveshwar’s term as chairman in non-executive role till 2022. His term is to end in February 2020.

“Resolved that, in accordance with the provisions of Section 152 of the Companies Act, 2013, or any amendment thereto or modification thereof, this Meeting hereby approves the re-appointment of Yogesh Chander Deveshwar as Non-Executive Director, not liable to retire by rotation, and Chairman of the Company for the period from February 5, 2020 to February, 3, 2022,” said an exchange filing.

Deveshwar was Executive Chairman of the company for nearly 21 years. He joined ITC in 1968 and is an alumnus of the Indian Institute of Technology, Delhi, and Harvard Business School.

In February 2017, he was appointed non-executive chairman for three years till 2020.

According to a notice on the exchanges, the company is seeking shareholders’ approval to extend Deveshwar’s term.