Home >> Corporate,Corporate Governance >> Jindal Brothers Quit From the Board of Each Others’ Companies
Jindal Brothers Quit From the Board of Each Others’ Companies

IndiaCSR News Network

NEW DELHI: In a major corporate governance development Steel tycoons Jindal Brothers – Naveen  Jindal and Ratan Jindal both has resigned from the board of each others’ companies. Both, JSL and JSPL are part of the USD 18 billion O P Jindal Group which has interests spanning steel, mining, power, industrial gases and ports. Naveen is younger brother of Ratan Jindal.

Corporate-governanceNaveen Jindal has resigned from the board of Jindal Stainless Ltd (JSL), a company led by his brother Ratan Jindal, Chairman and Managing Director of JSL.

The resignation of Naveen – Chairman of steel and power major Jindal Steel and Power – from JSL Board is with effect from Wednesday.

On Wednesday, 30 March 2016 in a BSE filing, JSPL had said that Ratan Jindal resigned from the Board of the company with effect from March 30, 2016 due to his pre-occupation.

In a BSE filing, JSL said, “Naveen Jindal, Director has resigned from the Board of Directors of the company with effect from March 30, 2016 due to preoccupation.”

On Wednesday, 30 March 2016 in a BSE filing, JSPL had said that Ratan Jindal resigned from the Board of the company with effect from March 30, 2016 due to his pre-occupation.

Last year, JSL had embarked on a financial re-engineering exercise by distributing Rs 8,580-crore debt among its four firms, a move aimed to reduce interest costs by over 3 percent.

It also redistributed assets among three entities – JUSL, Jindal Cotex Limited (JCL) and Jindal Stainless (Hisdar) Ltd (JSHL) – to leverage idle capacity and streamline the operations as well as optimise production. Following the restructuring exercise, JSHL was listed and JSLs shareholders have been issued shares by JSHL as per the share entitlement ratio of 1:1.

As on 4 April, 2016, under the chairmanship of Naveen Jindal following are board member of JSPL:

  • Ratan Jindal, Director
  • Shallu Jindal, Director
  • Ravi Uppal, Managing Director & Group CEO
  • R. V. Shahi, Independent Director
  • Arun Kumar Purwar, Independent Director
  • Arun Kumar, Independent Director
  • S K Garg, Independent Director
  • Haigreve Khaitan, Independent Director
  • Chandan Roy, Independent Director
  • Rajeev Bhadauria, Wholetime Director
  • D. K. Saraogi, Wholetime Director
  • Hardip Singh Wirk, Independent Director
  • Shalil Mukund Awale
  • Shalil Mukund Awale

(PTI Input)

 

the author

India CSR (indiacsr.in) is a news portal in the domain of CSR, live since 2009. India CSR welcomes your stories, comments on issues that interest you, feedback, comments from your side to make it more purposeful and resourceful, will carried in. indiacsr.in is designed, updated and maintained by CSR India Corporate Social Services Pvt Ltd. (CIN: U93000CT2012PTC000120). Contents available at indiacsr.in are non-fiction. Though all efforts have been made to verify the accuracy of the content on this website, the same should not be construed as a statement of law or used for any legal purposes. In case of any ambiguity or doubts, readers are advised to verify with the indiacsr.in and/or source(s). Twiteer: https://twitter.com/INDIACSR. Find updates at https://www.facebook.com/indiacsrnetwork Statement, articles, views and contributions can be sent to editor@indiacsr.in.

  • Contact

    India CSR News Network

    CSR India Corporate Social Services Pvt Ltd

    CIN: U93000CT2012PTC000120

    Registered Office: House No.222, Krishna Vatika, Boirdadar, Raigarh - 496001 (Chhattisgarh) INDIA

    Mumbai: India CSR, 208, Sangeet Palaza, Marol Naka, Andheri East, Mumbai - 400059

    New Delhi: India CSR, M-65, Panther Lane, GK-1, New Delhi

    M: 91 (0) 99810 99555 (Rusen Kumar)

    E: editor@indiacsr.in (Only editorial)

    E: info@indiacsr.in (Only business proposal)

    W: www.indiacsr.in

  • About Us

    We welcome your feedback, comments, suggestions and ideas. We are also interested in finding new data sources, sponsors for our site and our partner sites, and organizations who would like to work with IndiaCSR to help change the world. The website has been founded by stalwarts from the industry and is growing steadily to become an inspiring network of business people working towards the common goal of sustainability. Mission: Our mission is to support practitioners and organizations in building responsible and sustainable business in India and in this way to contribute to sustainable development of societies at large.
  • Privacy Policy

    What is this Privacy Policy for?

    This privacy policy is for this website and served by IndiaCSR and governs the privacy of its users who choose to use it. The policy sets out the different areas where user privacy is concerned and outlines the obligations & requirements of the users, the website and website owners. Furthermore the way this website processes, stores and protects user data and information will also be detailed within this policy.

    read more..

  • Partner with us

    Whether it’s through our B2B or CSR partnership programs, partnering with India CSR can help you to increase business network, build your brand, and expand your reach worldwide. India CSR has always believed in the advancement of information technology & communication, learning, and education, playing a key role within those knowledge communities for generations.

    read more..

Top