TVS Motor Company Inducts Two New Independent Directors, further Strengthens its Board

TVS Motor Company (TVSM) - a leading global automaker that operates in the two and three-wheeler segments - today announced changes to its board with the appointment of two new independent directors subject to approval of the shareholders.

The two new members, who will join the board as independent directors, are Chennaibased Sanmar Group Chairman Mr. Vijay Sankar, and Chairman of Shailesh Haribhakti & Associates Mr. Shailesh Haribhakti.

Mr. Kuok Meng Xiong, Independent Director of the Company, will step down as independent director effective close of business hours of the ensuing Annual General Meeting 2024, owing to his increased business commitments and personal reasons. His insights over his three-year stint were invaluable and instrumental in helping script the TVSM growth story.

The appointment of the two new independent directors will add valuable experience to the board and raise the company's already rigorous corporate governance standard.

Sir Ralf Speth, Chairman, TVS Motor Company said, "I warmly welcome Mr. Sankar, and Mr. Haribhakti to the TVS Board of Directors. I am confident that our two new independent directors have the credentials to guide TVS Motor to new heights. Their insight and experience will prove invaluable as we script a new chapter of success for TVS Motor. I would also like to take this opportunity to thank Mr. Kuok Meng Xiong for all his invaluable work. Our Board and team have truly benefitted from his presence."

Sudarshan Venu, Managing Director, TVS Motor Company said, "Mr. Sankar and Mr. Haribhakti are stalwarts in their respective fields and bring immense experience and expertise with them. The TVS Motor Board will be greatly enriched by their joining and the Company will benefit from their guidance in the next phase of our growth. I would also like to thank Mr. Kuok Meng Xiong for all his contributions to the Board over the last three years."

Mr. Sankar, whose appointment becomes effective on March 20th, 2024, holds several independent directorships and trustee positions, including at Oriental Hotels Ltd and the Transport Corporation of India. He is also the Honorary Consul General of Denmark in Chennai.

Mr. Haribhakti, who joins the board on April 1st, 2024, is a certified internal auditor, financial planner and fraud examiner with over five decades of experience.

He holds independent directorships with companies like Blue Star Ltd, Bajaj Electrical Ltd, L&T Finance Holdings Ltd, etc. A champion of sustainability, he has been credited with establishing the concept of 'Innovate to Zero'.

Shares of TVS Motor Company Limited was last trading in BSE at Rs. 2034.05 as compared to the previous close of Rs. 2042.10. The total number of shares traded during the day was 28840 in over 2945 trades.

The stock hit an intraday high of Rs. 2106.35 and intraday low of 2006.45. The net turnover during the day was Rs. 59125618.00.

Source : Equity Bulls

Keywords

TVSMotorCompany INE494B01023 Appointment Board IndependentDirectors