Mastek Ltd appoints Mr. Ashank Desai as Vice Chairman & MD due to suddent demis of Mr. Sudhakar Ram

The Board of Directors (on the recommendation of Nomination and Remuneration Committee) of Mastek Ltd at their meeting held today, Sunday, November 8, 2020, approved the Appointment of Mr. Ashank Desai (DIN 00017767) as Vice Chairman & Managing Director of the Company, for a period of 5 (five) years i.e. from November 8, 2020 to November 7, 2025 subject to approval of members of the Company.

The reason for the appointment was the sudden demise of Mr. Sudhakar Ram, who was holding the position as Vice Chairman & Managing Director of the Company.

Mr. Ashank Desai, is an Information Technology (IT) Industrialist and has done B.E. from Mumbai University and had secured the second rank in the University. He holds a M. Tech Degree from the Indian Institute of Technology (IIT), Mumbai. He also holds Post Graduate Diploma in Business Management (PGDBM) from IIM Ahmedabad.

Mr. Desai is the Principal Founder and Former Chairman of Mastek and has more than 4 decades of rich and diverse experience in IT industry. Mr. Desai having been the CMD of Mastek and currently serving as the non-executive Director of Mastek, brings with him valuable experience in managing the issues faced by large and complex organisations. The Company and the Board will immensely benefit by leveraging his demonstrated leadership capability, General business acumen and knowledge of complex financial and operational issues faced by the Company. Mr. Desai also brings rich experience in various areas of business, technology, operations, societal and governance matters.

Mr. Desai is widely recognised as an IT industry veteran and is one of the founder members & Past Chairman of NASSCOM. He has been felicitated by Prime Minister Shri Narendra Modi for his contribution to NASSCOM & IT Industry.

He also guides Mastek Foundation, whose mission is to enable "Informed Giving and Responsible Receiving". He has been conferred with the "Distinguished Alumnus" Award from IIT Mumbai and the Computer Society of India (CSI) "Fellow of the Society" honour. He has also been presented with the Honourable Contributors Award by ASOCIO - the only Indian to receive this recognition twice. He was conferred with the much-coveted Outstanding Entrepreneur Award at the Asia Pacific Entrepreneurship Awards (APEA) 2010 India.

Shares of MASTEK LTD. was last trading in BSE at Rs.922 as compared to the previous close of Rs. 928.85. The total number of shares traded during the day was 9994 in over 1552 trades.

The stock hit an intraday high of Rs. 943.8 and intraday low of 906. The net turnover during the day was Rs. 9251863.

Source : Equity Bulls

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