IDFC Private Equity nominee inducted into Sical Logistics Board

Sical Logistics Ltd has announced that Mr. Ashwin Muthiah was appointed the Chairman of the Company at an extra-ordinary general meeting held on April 24, 2007.

The Company has also inducted a newly re-structured board which would comprise of two promoter nominees, one a director from IDFC Private Equity (IDFC-PE) and three independent directors. Mr. Luis Miranda, President and CEO of IDFC Private Equity fund II has been inducted onto the board as the director from IDFC-PE and Mr. Karthik Menon, Vice President, Finance & Strategy, of the Company, has been inducted as the promoter nominee and the whole time director on the board of the Company.

"The restructuring of the board and the induction of IDFC PE is a definitive step in our efforts to make Sical a professionally managed, board-run Company. We expect this effort in improving transparency and corporate governance will give confidence to our investors that Sical is headed in the right direction." said Mr. Ashwin Muthiah.

Source : Equity Bulls

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