Eicher Motors reappoints Siddhartha Lal as Managing Director

Eicher Motors Board will now go back to shareholders for approval through a postal ballot.

The company said in a BSE filing: “Eicher Motors has reappointed Mr Siddhartha Lal as Managing Director of the company with effect from May 1, 2021, for a term of five years, subject to requisite approvals of the shareholders through postal ballot and the approval of the Central Government in terms of Part I of Schedule V of the Companies Act, 2013, and subject to such other provisions of the Act and SEBI Regulations, 2015, as may be applicable.”

The Board of Directors of Eicher Motors Limited had discussed the reappointment of Siddhartha Lal as Managing Director and his remuneration proposal at the 39th Annual General Meeting (AGM) held on Aug 17, 2021.

Notably, the board of Eicher Motors had approached shareholders once before to allow Siddhartha Lal to continue as the managing director of the company. However, the resolution for his re-appointment was shot down over a proposed salary hike.