The Hindu Business Line : Peerless board reconstituted

Mr Dipankar Basu, a Director, took over as the Chairman at the conclusion of the company's 73rd annual general meeting here on Saturday. He is a former Chairman of State Bank of India.

Mr Basu succeeds Mr D.N. Ghosh, also a former Chairman of SBI, who decided not to seek re-election on completion of 10 years as Chairman of Peerless.

Mr N.H. Thanawala, a Mumbai-based actuary who was on the company's board for a long time, too decided not to seek re-election.

At the AGM, the shareholders also approved the induction of two additional directors as full-time directors on the board. They are Mr Deepak Mukerjee and Mr Jayanta Roy. Mr Deepak Mukerjee was earlier the Managing Director of IDBI Bank. Mr Roy, son of Mr S.K. Roy, the present Managing Director of Peerless, will be the Director in-charge of Corporate Planning & Strategy. Mr Roy and his family holds nearly two-thirds of shares of the company.

The shareholders also approved the re-appointment of Mr B. Lahiri as Director (Operations).

Mr Ghosh, in his last address to shareholders as Chairman, of the company, dwelt on the company's achievements in the past 10 years and the future plan to transform the business into a new business model in the current competitive financial market with stringent regulatory reforms.

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