Tejas Networks [BSE: 540595, NSE: TEJASNET] today announced the appointment of Prof. Bhaskar Ramamurthi and Mr. P. R. Ramesh as Independent (Additional) Directors with effect from June 27, 2022. These appointments are based on the recommendation of the Nomination and Remuneration Committee of the Board and is subject to the approval of shareholders. The company also announced that Dr. Gururaj Deshpande, who has been a Board member of Tejas Networks since its inception in year 2000, has resigned from his present position as a Non-Executive Director with effect from June 28, 2022.
Prof. Bhaskar Ramamurthi was the Director of IIT Madras from 2011 to 2022. An alumnus of IIT Madras and the University of California, Santa Barbara, Prof. Bhaskar is a Fellow of Indian National Academy of Engineering (INAE) as well as IEEE, and has won several awards for his world-class research in electronics and communications engineering. Prof. Ramamurthi is an honorary Director of the Centre of Excellence in Wireless Technology (CEWiT), a public-private initiative at the IIT-M Research Park and has also served on the Board of Oil India Limited (OIL) and Bharat Electronics Limited (BEL).
Mr. P. R. Ramesh was the Chairman of Deloitte India and has over 40 years of experience in the profession, having served as a member of Deloitte Global Board and Deloitte Asia Pacific Board. Mr. Ramesh is a Fellow Member of the Institute of Chartered Accountants of India (ICAI) and has also been associated with various Regulatory and Industry Bodies. He has extensive experience working with clients in manufacturing, banking and financial services, technology, media, telecommunications, energy and resources and consumer business sectors throughout his professional career.
Commenting on his association with the company, Dr. Gururaj Deshpande said, "I have been associated with Tejas Networks since the beginning, as an investor as well as a Board member. It has been an absolute pleasure to have been a part of the Board and working with the team at Tejas. I truly enjoyed the experience of seeing the company grow from a startup to India's largest indigenous telecom products company. I strongly believe that with the Tata relationship, the company has all the ingredients needed to become a globally leading telecom OEM. I will always treasure my long association with Tejas and will remain a committed well-wisher of the company."
Mr. N Ganapathy Subramaniam, Chairman of the Board of Tejas Networks said, "I would like to applaud Dr. Deshpande for his vision in helping create India's largest telecom product company and thank him for his extraordinary contributions in helping the company achieve all the success over the years." Welcoming the new Independent Directors Mr. Subramaniam said, "We are delighted to welcome Prof. Ramamurthi and Mr. Ramesh to our Board. They are highly respected professionals in their field and their deep knowledge and domain experience will be very valuable to our company during the next phase of our growth, as we aspire to become a top-tier, global end-to-end telecom products company."
Mr. Sanjay Nayak, CEO and MD of Tejas Networks added, "We are excited that Prof Bhaskar Ramamurthi and Mr. P. R. Ramesh, two distinguished industry veterans, have agreed to join our Board. I look forward to working with them and am confident that the company will immensely benefit from their vast background and invaluable experience, as we scale up our organization to achieve global success. Dr. Deshpande has been a guiding force behind Tejas from the day it was founded and I would like to convey my sincere appreciation and gratitude to Dr. Deshpande. On behalf of the entire team at Tejas, I would like to thank him for his valuable guidance, mentorship and generous support over the last 22 years. His deep insights on strategic as well as operational matters helped us navigate various challenges and achieve significant success."
Shares of Tejas Networks Limited was last trading in BSE at Rs. 441.80 as compared to the previous close of Rs. 439.95. The total number of shares traded during the day was 9979 in over 763 trades.
The stock hit an intraday high of Rs. 452.90 and intraday low of 440.30. The net turnover during the day was Rs. 4452229.00.