Mr. Zarir Batliwala, Independent Director to retire from TeamLease Board

TeamLease Services Limited (TeamLease/Company) (NSE: TEAMLEASE, BSE: 539658), one of India's largest staffing companies, today announced the retirement of Mr. Zarir Batliwala as an Independent Director on the Board, effective March 28, 2024, upon completion of his tenure.

Mr. Batliwala was appointed to the TeamLease Board as an Independent Director in 2019. He also served as the Chairman of the Nomination & Remuneration Committee, as a Member of the Risk Management Committee and Stakeholders' Relationship Committees of the Board.

Mr. Zarir Batliwala shall attain the age of seventy-five years on October 29, 2024. Pursuant to Regulation 17 (1A) of SEBI LODR Regulations, 2015, he shall cease to be an Independent Director on completion of his first term with effect from the end of business hours on Thursday, March 28, 2024, unless a Special Resolution has been passed by the Company in this regard. Mr. Batliwala has expressed his intent to not proceed with his re-appointment as an Independent Director for the second term owing to Regulation 17 (1A), in alignment with good governance practices followed and promoted by TeamLease.

The Board places on record its appreciation for Mr. Batliwala's invaluable contribution, guidance and strategic vision, that has helped the Company build and execute a strong exposure to business, leadership and organizational development.

Reflecting on Mr. Batliwala's tenure with TeamLease, Mr. Ashok Reddy, Managing Director & CEO, TeamLease Services Limited said, "Zarir has had an exemplary career with TeamLease. Between 2010 and 2014, he acted as a Consultant to TeamLease Services Limited, as Head of the Human Resources function. From 2019 March, he had been associated as an Independent Director. With his expertise and vast experience, he has been a crucial catalyst for the Company to realize its vision for the future. He leaves behind a rich legacy, and I would like to thank him for his immense contribution, and wish him the very best for his next innings. With his retirement, TeamLease has now ten Board Members, two Executive, seven Independent and one Non-Executive & Non-Independent Director."

On behalf of the Board Mr. Narayan Ramachandran, Lead Independent Director & Non-Executive Chairman, TeamLease Services Limited stated "We profusely thank Zarir for having been an integral member of the TeamLease family, providing valuable guidance and leadership experience over the years. He is easily accessible and always willing to help. His wise counsel has been invaluable to the Company. I am personally very grateful to him as he has been a tremendous ally and amazing colleague on the Board."

Shares of Teamlease Services Limited was last trading in BSE at Rs. 2841.25 as compared to the previous close of Rs. 2802.45. The total number of shares traded during the day was 402 in over 186 trades.

The stock hit an intraday high of Rs. 2861.25 and intraday low of 2761.00. The net turnover during the day was Rs. 1136262.00.

Source : Equity Bulls

Keywords

TeamleaseServices INE985S01024 Retirement IndependentDirector