Bimetal Bearings Limited reappoints MD

The Board of Directors of Bimetal Bearings Limited at its meeting held on 26th March 2021 (Friday), has re-appointed Mr. A. Krishnamoorthy (DIN : 00001778) as Managing Director of the Company for a further period of 2 (Two) years with effect from 1st April 2021 subject to the approval of the shareholders of the company through Postal Ballot scheduled in the month of May 2021. Mr. A. Krishnamoorthy is not related to any of the Directors / Key Managerial Personnel of the Company.

The Board of Directors of the Company had appointed Mr. R. Natarajan as Chief Financial Officer of the Company with effect from 1st April 2021 (based on the recommendations of the Nomination and Remuneration Committee).

Mr. N. Venkataraman who is presently holding the position of Chief Financial Officer of the Company has been allotted different portfolio with effect from 1st April 2021.

Mr. A. Krishnamoorthy has been associated with the Company as Director from 26-06-1970, as Managing Director from 01-09-1975 and as Chairman & Managing Director from 13-07-1992 till 31st March 2015. Further he continues to be a Managing Director since 1st April 2015. During this period, he played a major role in expansion activities in the Company, including acquiring new technology for materials and process. He entered into a Joint Venture agreement for the manufacture of polymer bushes for the first time in the country. He had been in-charge of the overall control and management of the Company and steered it to a very good level of performance over the last 5 decades.

Mr.R.Natarajan, holding a Commerce Degree is also an Associate member of the Institute of Chartered Accountants of India (ACA) and the Institute of Cost and Management Accountants of India (ICMA). He has worked in various organization for more than 30 years (including 20 years of overseas experience) in various areas which include Finance, Banking, Accounts, Management and administration covering different types of industries from Engineering, Tourism, FMCG, Construction, Automobiles, Auto components etc. Mr. R. Natarajan has been associated with the Company since Feb-2015 holding positions in the Finance and Accounts Departments in the Company and gets now promoted as "Chief Financial Officer" of the Company by the Board of Directors of the Company based on the recommendations of the Nomination and Remuneration Committee. Mr. R. Natarajan is not related to any of the Directors / Key Managerial Personnel of the Company.

Shares of BIMETAL BEARINGS LTD. was last trading in BSE at Rs.314.2 as compared to the previous close of Rs. 297. The total number of shares traded during the day was 66 in over 3 trades.

The stock hit an intraday high of Rs. 314.2 and intraday low of 298. The net turnover during the day was Rs. 19684.

Source : Equity Bulls

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