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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)


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