Religare locks up at 10% post announcement of changes in Board and Management Team
The company, through its filing made on BSE on November 14, 2017, has announced the appointment of Mr. S. Lakshminarayanan, Former Secretary to the Govt of India, as Executive Chairman of the Board of Directors of the company.
Mr. S Lakshminarayanan is currently Chairman and Independent Director in Shriram Transport Finance Co. Ltd. The immediate focus for the New Executive Chairman is to strengthen the governance structure, bring in new Board members, infuse fresh equity capital, chalk out future growth plans and work towards enhancing stakeholder value.
The Board of the company also inducted Ms Kishori Udeshi as an Independent Director on the Board. Ms Kishori Udeshi has earlier been Deputy Governor and Executive Director of Reserve Bank of India and also nominated by the Board of State Bank of India.
Mr. Maninder Singh resigned as CEO and Mr. Anil Saxena resigned as CFO of the company. Mr. Krishnan Subramanium has been appointed as new CFO of the company.
The changes in the Board of the company is on account of sliding business performance and consistent weak financial earnings of the company.
The stock freezed at a price of Rs 46.20 at an upper circuit of 10%.
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Via:: Stock – India Infoline