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Thursday, Nov 21, 2002

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Arvind Mills recasts board

Our Bureau

MUMBAI, Nov. 21

THE Arvind Mills Ltd has inducted Mr Deepak Satwalekar, Mr Jaithirth (Jerry) Rao and Ms Rama Bijapurkar on its board as independent directors. Mr Jayesh Shah, Chief Financial Officer, has also been inducted as a whole time director.

Mr Deepak Satwalekar is the Managing Director and Chief Executive Officer of HDFC Standard Life Insurance Co Ltd. Mr Jerry Rao is the Chairman and CEO of Mphasis. Ms Rama Bijapurkar is a marketing strategist and a consultant with several Indian and multinational corporations, a press release said.

Mr Arvind Lalbhai and Mr Sanjay Lalbhai continue to be the Chairman and Managing Director respectively.

Mr Balaji Swaminathan (ICICI Bank), Mr S. Sridhar (Exim Bank), Mr C.K. Mehrotra (State Bank of Saurashtra) and Mr B.S. Bedi (IDBI) are the nominee directors on the board, the release said. The Managing Director, Mr Sanjay Lalbhai, said: "The induction of the new board members will help the company meet the challenges thrown up by a changing business environment. The newly constituted board will also help achieve the highest standards of corporate governance.''

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