Gautam Adani's son Karan takes over as ACC's chairman and non-executive director

Ambuja Cements Ltd and ACC Ltd, both of which are now part of the Adani Group, announced several changes to their boards and top management, through separate stock exchange filings. Ambuja Cements said Gautam Adani has been appointed chairman and non-executive director, effective today. ACC said Karan, son of Gautam Adani, has taken over as its chairman and non-executive director. Further, Ambuja Cements said Neeraj Akhoury, managing director and chief executive officer, and Rajani Kesari, chief financial officer, have resigned with effect from today.

The company said that Ajay Kapur has been appointed chief executive officer and whole-time director, with effect from Saturday. ACC said that N.S. Sekhsaria, chairman and non-executive director, has resigned effective today. It also said that Sridhar Balakrishnan has been redesignated as whole-time director and chief executive officer from managing director and chief executive officer. Both, ACC and Ambuja Cements, have appointed Vinod Bahety as chief financial officer.

Ambuja Cements said eight non-executive and non-independent directors have resigned from today. These included Jan Jenisch, chief executive officer of Holcim. Five independent directors, Nasser Munjee, Omkar Goswani, Rajendra Chitale, Shailesh Haribhakti and Shikha Sharma, also resigned from the board of Ambuja Cements with effect from today. The company said that Karan Adani has been appointed as a non-executive and non-independent director, while M.R. Kumar will be a non-executive, non-independent director representing LIC.

Further, four new independent directors, Ameet Desai, Maheswar Sahu, Purvi Sheth and Rajnish Kumar have been appointed by Ambuja Cements with effect from today.

ACC said four non-executive, non-independent directors, including Jenisch, have resigned from the company and their place will be taken by Karan Adani and two others. Further, six independent directors of ACC have resigned and been replaced with three new independent directors. Both companies will have to seek ratification of the new appointments to the board of directors from their public shareholders within the time limit prescribed in the listing regulations.

Both Ambuja Cements and ACC have changed their financial year period to Apr-Mar from Jan-Dec. As a result, their current financial year will be from Jan 1 this year to Mar 31 next year. Today, shares of Ambuja Cements ended 4.1% down at 516.70 rupees, while those of ACC ended 5% lower at 2,611.50 rupees, on the National Stock Exchange.

Published on: Friday, September 16, 2022, 09:11 PM IST