Hindustan Unilever Limited (HUL) today announced the appointment of Tarun Bajaj (61) as an Independent Director on its Board, effective 1st December 2023, for a period of five years.
Mr Bajaj belongs to the Indian Administrative Service, 1988 batch, Haryana Cadre. He was the Revenue Secretary, Govt of India before superannuating in November 2022. As the Revenue Secretary, he played a key role in stabilising the Goods and Services Tax (GST) and contributed towards a substantial increase in revenue collections under GST and Income Tax. During this period, he was responsible for upgrading technology in the administration of both direct and indirect taxes, resulting in transparency and efficiency in the working of the two departments.
In his previous role as the Economic Affairs Secretary, Mr Bajaj played a crucial role in formulating the Government's economic response to the COVID-19 pandemic, including the rollout of various relief measures and economic stimulus packages.
Mr Bajaj chaired the National Investment and Infrastructure Fund and was the Director on the Central Board of the Reserve Bank of India and the Board of SEBI. Additionally, he has served as Governor of India for the International Fund for Agriculture Development and as Alternate Governor of India for the World Bank (for the constituency of India, Bangladesh, Bhutan and Sri Lanka), Asian Development Bank, Asian Infrastructure Investment Bank and New Development Bank. He has also served on the Boards of SIDBI, Bank of Maharashtra, Bank of India, General Insurance Corporation Limited, New India Assurance Company Limited, and United India Insurance Company Limited.
Welcoming Mr Bajaj's appointment, Nitin Paranjpe, Non-Executive Chairman, HUL, said, "Tarun has an innate knowledge of the country's economic policies, and has been responsible for shaping key fiscal initiatives of the Government of India. His vast experience in administration, management and public policy, will undoubtedly be beneficial to HUL."
Mr Bajaj said, "Over the years, we have seen HUL contribute towards India's growth journey. The Company's success is reflective of its efforts to continuously reinvent itself with a changing India. I am honoured to join the HUL Board and look forward to my role as an Independent Director."
Mr Bajaj has a Bachelor's Degree in Commerce from Shri Ram College of Commerce, Delhi University, an MBA from IIM Ahmedabad and an M.Sc. Degree from the London School of Economics and Political Science. He is also a Chartered Financial Analyst from the Institute of Chartered Financial Analysts of India, Hyderabad.
Shares of Hindustan Unilever Limited was last trading in BSE at Rs. 2563.25 as compared to the previous close of Rs. 2546.70. The total number of shares traded during the day was 252932 in over 16004 trades.
The stock hit an intraday high of Rs. 2581.20 and intraday low of 2542.05. The net turnover during the day was Rs. 649654254.00.