TVS Motor Company (TVSM) has made significant changes to its board, announcing the appointment of two new independent directors pending shareholder approval.
The newly appointed independent directors are Vijay Sankar, Chairman of the Sanmar Group based in Chennai, and Shailesh Haribhakti, Chairman of Shailesh Haribhakti & Associates.
Kuok Meng Xiong, an Independent Director of the Company, will resign from his position effective at the close of business hours of the ensuing Annual General Meeting 2024. Xiong cited increased business commitments and personal reasons for his resignation, having served in his role for three years, during which his insights were instrumental in TVSM's growth journey.
Sankar, whose appointment will be effective from March 20, 2024, holds several independent directorships and trustee positions, including at Oriental Hotels Ltd and the Transport Corporation of India. Additionally, he serves as the Honorary Consul General of Denmark in Chennai.
Haribhakti, set to join the board on April 1, 2024, boasts over five decades of experience as a certified internal auditor, financial planner, and fraud examiner. He holds independent directorships with various companies, including Blue Star Ltd, Bajaj Electrical Ltd, and L&T Finance Holdings Ltd. Notably, he is known for championing sustainability and establishing the concept of 'Innovate to Zero.'
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