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Siemens Ltd reappoints Deepak Parekh and Yezdi H Malegam as independent directors

Posted On: 2019-11-19 21:02:24

The current term of Mr. Deepak Parekh (DIN: 00009078), Mr. Yezdi H. Malegam (DIN: 00092017), Mr. Darius C. Shroff (DIN: 00170680) and Mr. Keki Dadiseth (DIN: 00052165) as Independent Directors of the Company, is upto 29th January, 2020.

Mr. Shroff and Mr. Dadiseth have stated that they would not be seeking re-appointment for the second term as Independent Directors of the Company.

On the recommendation of the Nomination and Remuneration Committee of Directors, the BoD has approved the re-appointment of Mr. Parekh and Mr. Malegam as Independent Directors of the Company for a second term of 3 (Three) years and 1 (One) year, respectively, with effect from 30th January, 2020, subject to approval of the Members at the ensuing Annual General Meeting of the Company.

Mr. Parekh and Mr. Malegam are not related to any Directors of the Company. We affirm that Mr. Parekh and Mr. Malegam are not debarred from holding the office of Director by virtue of any order of the Securities and Exchange Board of India or any other such authority.

Mr. Deepak Parekh, 75 years, is a B.Com; Fellow Member of The Institute of Chartered Accountants of India as well as of England and Wales.

Mr. Parekh is the Chairman and Independent Director of the Company. He is the Chairman of Housing Development Finance Corporation Limited. He has been a Director on the boards of prominent companies in India. He has also been on the international advisory boards of various international organisations. He played a key role as Special Director on the Satyam Board in 2009 to revive the company and a crucial role during the restructuring of UTI in the late 90's, which helped regain investors' confidence. He has been a member of various high-powered economic groups, advisory committees and task forces which include infrastructure, housing, financial services and capital markets. He was conferred the Padma Bhushan in 2006. Government and Industry impressed by Mr. Parekh's performance and sobriety have honored him with several awards across the globe.

Mr. Yezdi H. Malegam, 86 years, is a B.Com; Fellow Member of The Institute of Chartered Accountants of India as well as of England and Wales.

Mr. Malegam is an Independent Director of the Company. He serves as Chairman Emeritus of M/s. S.B. Billimoria & Co. Chartered Accountants. He was the president of Institute of Chartered Accountants of India and the chairman of National Advisory Committee on Accounting Standards. He was a member of the Financial Sector Legislation Reforms Commission. He was a board member of Reserve Bank of India. He was conferred the Padma Shri in 2012.

Shares of SIEMENS LTD. was last trading in BSE at Rs.1576.9 as compared to the previous close of Rs. 1553.2. The total number of shares traded during the day was 90241 in over 3084 trades.

The stock hit an intraday high of Rs. 1590.65 and intraday low of 1546.5. The net turnover during the day was Rs. 141436178.

Source: Equity Bulls

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