Infrastructure major Larsen & Toubro has decided to onboard former SEBI chief Ajay Tyagi and former Deloitte India chairman P R Ramesh as independent directors of the company. 

Towards this end, the company has now sought shareholders’ approval for a special resolution via the postal ballot route — requiring e-voting only through electronic means.

The e-voting period will commence from 9 am on Wednesday (December 20), and end at 5 pm on Thursday (January 18, 2024).

Tyagi’s tenure as an independent director will be five years commencing from October 31 to October 31, 2028. He is not liable to retire by rotation.

Similarly, Ramesh’s tenure as an independent director will be five years effective October 31. He is not liable to retire by rotation.

It maybe recalled that Tyagi had served as SEBI Chairman from March 2017 to February 2022.

SEBI is a statutory regulatory body with the mandate to protect the interests of investors in securities and to regulate and promote the development of the securities market. Before joining SEBI, Tyagi had a career spanning almost 33 years in the Indian Administrative Service, where he held several senior positions in the Central and State Governments.

PR Ramesh was former Chairman of Deloitte India and has over 40 years of experience in the profession. He graduated in commerce from Osmania University, Hyderabad, and is a fellow member of the Institute of Chartered Accountants of India (ICAI) and had also served as a member of Deloitte Global Board and Deloitte Asia-Pacific Board.  

Ramesh has been associated with various regulatory bodies, industry bodies and the ICAI. He was member of SEBI high-power advisory committee dealing with settlements of investment enforcement actions, the SEBI committee on disclosures and accounting standards and the committee for reforming the regulatory environment for doing business in India set up by the government of India. 

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