SeQuent announces reconstitution of Board

SeQuent Scientific Limited (Company or SeQuent) today announced reconstitution of the Board by inducting Dr. Kamal K Sharma and Mr. Milind Sarwate on the board as Independent Directors. Dr. Kamal K Sharma was also appointed as the Chairman of the Company while Mr. Milind Sarwate will head the Audit Committee.

Both the appointments are expected to add value and weightage to the Board with their strategic management skills.

The appointments come close on the heels of the recent induction of Mr. Neeraj Bharadwaj and Mr. Rahul Mukim, nominees of The Caryle Group to the Board.

Simultaneously, as part of the reconstitution, Dr. Gopakumar G. Nair, Chairman stepped down from the Board.

Commenting on the development, Mr. Manish Gupta, Managing Director of SeQuent Scientific said, "It is indeed a privilege to have both Dr. Kamal Sharma and Mr. Milind Sarwate on the Board of SeQuent. They join SeQuent at an exciting time and their addition to the board will help us propel the Company to a new orbit in our quest to become a global animal health company from India. While Dr. Sharma with his decades of experience in the Pharmaceutical and Chemical sectors will add immense value as Chairman of the Board on the operations and the strategic sides, Mr. Sarwate with his well rounded experience will provide valuable insights in the areas of strategic finance, governance and oversight of the audit function. We look forward to their contributions and are excited they chose SeQuent."

He also added, "We also wish to place on record our gratitude and appreciation for Dr. Gopakumar Nair, our outgoing Chairman. Dr. Nair, who has four decades of experience in the pharmaceutical industry, led the Company in his capacity as the Chairman of the Board for over 13 years and played a pivotal role in positioning SeQuent and Alivira as a force to reckon with in the animal health space, in India and globally."

Dr. Kamal Sharma is currently the non-executive Vice-Chairman of Lupin and has over 48 years of professional experience in executive positions in the Chemical and Pharmaceutical industries, and has essayed a wide variety of roles in operations, corporate development and executive management. As the Managing Director of Lupin for a decade between 2003-13, he was instrumental in Lupin achieving leadership position in key markets and businesses, transforming it into one of the largest and fastest growing pharmaceutical companies globally. Previously, he also served as President & Chief Executive of the Life Sciences and speciality group and Member of the Management Board at RPG Enterprises. Mr. Sharma received a Bachelors Degree in Chemical Engineering from IIT Kanpur, a post graduate diploma in Industrial Management from Jamnalal Bajaj Institute of Management Studies and a Ph. D in Economics from IIT, Mumbai. He has also attended Advanced Management Program ( AMP ) at Harvard Business School, Boston.

Mr. Milind Sarwate is the Founder & CEO of Increate Value Advisors LLP and provides advice & mentorship in value creation, effective governance and capability building, leveraging his 37-year experience including long stints in Marico & Godrej. He also invests in promising businesses/social enterprises. A Chartered Accountant, Cost Accountant, Company Secretary and a CII-Fulbright Fellow, Mr. Sarwate has eight independent directorships which include five listed companies - Mahindra Finance, Hexaware, Glenmark, Metropolis Healthcare and Matrimony.com, all with an audit committee role.

The board, as under, brings the right mix from across industries and the Company believes that the board will provide valuable perspectives as the Company continue to execute its strategy, drive profitability and enhance value for the shareholders.

- Dr. Kamal K Sharma, Chairman and Independent Director
- Dr. Kausalya Santhanam, Independent Director
- Mr. Milind Sarwate, Independent Director
- Mr. Neeraj Bharadwaj, Non-Executive Director (Nominee of the Carlyle Group)
- Mr. Rahul Mukim, Non-Executive Director (Nominee of the Carlyle Group)
- Mr. Manish Gupta, Managing Director
- Mr. Sharat Narasapur, Joint Managing Director

The Board will seek shareholders approval for the new appointees shortly.

Shares of SEQUENT SCIENTIFIC LTD. was last trading in BSE at Rs.131.35 as compared to the previous close of Rs. 132.05. The total number of shares traded during the day was 98505 in over 1746 trades.

The stock hit an intraday high of Rs. 133.7 and intraday low of 129.8. The net turnover during the day was Rs. 13007925.

Source : Equity Bulls

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