Britannia Industries Ltd. announced the appointment of Sunil Siddharth Lalbhai and former RBI Governor Urjit Patel as additional non-executive independent directors of the company on Tuesday.
The board of directors approved the appointment for a term of five consecutive years with effect from July 2, 2024 up to July 1, 2029 (both days inclusive) in a meeting, according to an exchange filing.
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The appointments are subject to the approval of shareholders at the ensuing Annual General Meeting of the company scheduled to be held on Aug. 12, 2024.
Patel had served as the 24th governor of the Reserve Bank of India from 2016 to 2018. During his tenure, he was a member of the Board of Directors, Bank for International Settlements and served on the Advisory Board of the Financial Stability Institute.
While, Sunil Siddharth Lalbhai is the chairman of the Board of Atul Ltd. since August 2007 and its managing director since June 1984.
On June 24, Britannia closed its Taratala plant in Kolkata, the company's second-oldest production facility after Mumbai.
Shares of Britannia Industries Ltd. closed 1.24% lower at Rs 5,403.35 per share, compared to a 0.04% decline in the Sensex.
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