Ikab Securities & Investment appoints Mr. Madhu Kela as MD, to change name

The Board of Directors of Ikab Securities & Investment Ltd. have appointed Mr. Subhash Sheoratan Mundra (DIN 00979731), as an Additional Non Executive Independent Director & Chairman of the Company with immediate effect & Mr. Madhusudan Kela (DIN 05109767) as an Additional Director & Managing Director of the Company with immediate effect.

Mr. S.S. Mundra retired as Deputy Governor of Reserve Bank of India on 30th July 2017 after completing a stint of three years. Prior to that, the last position held by him was as Chairman and Managing Director of Bank of Baroda from where he superannuated in July 2014. In a banking career spanning over four decades, Mr. Mundra held several important positions including that of Executive Director of Union Bank of India, Chief Executive of Bank of Baroda (European Operations) amongst others. He also served as RBI's nominee on the Financial Stability Board (G20 Forum) and its various committees. Mr. Mundra was also the Vice-chair of OECD's International Network on Financial Education (INFE).

Prior to joining RBI, Mr. Mundra also served on Boards of several multi-dimensional companies like the Clearing Corporation of India Ltd (CCIL), Central Depository Services (India) Ltd. (CDSL), BOB Asset Management Company, India Infrastructure Finance Corporation (UK) Ltd. (IIFCL), IndiaFirst Life Insurance Company Ltd., Star Union Dai-Ichi Life Insurance Company Ltd., National Payments Corporation of India Ltd., etc. The experience gained in guiding these entities has bestowed him with wide leadership skills and keen insights in best practices in Corporate Governance.

Mr. Mundra, a Post Graduate from University of Poona, is a Fellow Member of Indian Institute of Banking & Finance (FIIB). Amity University has conferred the Degree of Doctor of Philosophy (D.Phil.), Honoris Causa, upon Mr. Mundra, in recognition of his services in the field of banking and related areas.

He was associated with Bank of Baroda as Probationary Officer in 1977. Held several positions across functions & locations both in India & abroad.

Mr Madhusudan Kela is one of the most well-known and seasoned investors in Indian Capital Markets, with an extensive experience of over 27 years. He has expertly played the role of Chief Investment Officer for over a decade, leading a team of over 40 investment professionals, and managed the Equity portfolio of the largest asset management company in India. At the Reliance Group, which he joined in 2001, he was a permanent invitee to all board meetings, in the capacity of a senior decision maker and key Group resource. After a 17-year successful stint at Reliance Group, he went entrepreneurial in Jan 2018.

He is currently the promoter of a proprietary investment vehicle started in 2018 - "MK VENTURES" which is a boutique proprietary investment firm focussed on alpha opportunities. He is also on the committees of CII, FICCI and SIDBI. He is also a partner in a couple of other firms / LLP and hold substantial interest in other two Companies.

Mr Kela has also been recognised as the Best Equity Fund Manager, and received this award from the Prime Minister of India. He has actively counselled the leading Industrial Houses in India, and also on their personal investments. He also informally advises family offices of several distinguished HNIs, and select global institutions on investing into India. He is also frequently invited to make representations to policy makers on critical business-related issues of national importance, helping take the industry voice to the policy makers.

He was also the architect behind the staggering growth in RMF's AUM from less than Rs. 200 Cr to over 1 lakh Cr in less than a decade. He is widely regarded for his ability for wealth creation. Over the last three decades, he has identified and mentored several passionate entrepreneurs .He has helped several promising companies realize their true potential.

He has been profiled by leading Indian and International magazines, including the likes of Forbes and Asia money. His views are sought after by the leading business news channels in India including CNBC TV18, ET Now, Bloomberg, BTVI and CNBC Awaaz, and Zee Business. He is a regular panellist for sharing investment views, and opinion on a host of macro and thematic events. He has also hosted or been a panel invitee to major conferences organized by industry bodies like FICCI, CII, leading domestic and international institutions related to capital markets etc.

He is involved in social and religious causes and is a Trustee at Konark Cancer Foundation - providing financial assistance and helping them get the right treatment and patient care. He is also an active volunteer for Isha Foundation.

In view of change in the management, the Board has proposed to change the name of the company to MK Ventures Ltd or any other name as may be approved and in that respect it would seek the approval of the shareholders of the Company, and which shall further be subject to the approval of Reserve Bank of India, Registrar of Companies, and all other concerned Authorities.

Shares of IKAB SECURITIES & INVESTMENT LTD. was last trading in BSE at Rs. 770.80 as compared to the previous close of Rs. 736.25. The total number of shares traded during the day was 757 in over 55 trades.

The stock hit an intraday high of Rs. 773.05 and intraday low of 701.05. The net turnover during the day was Rs. 579906.00.

Source : Equity Bulls

Keywords

IKABSECURITIESandINVESTMENT INE874A01010 Appointment MadhuKela MD SSMundra Chairman