Mumbai, April 1 (IANS) The Board of Britannia Industries has appointed former Reserve Bank Governor Urjit Patel as the company’s Additional Director in the category of Non-Executive and Independent Director.
He has been appointed as the Additional Director with effect from March 31 for a five-year period.
“The Board of Directors of the Company at their meeting held today 31st March, 2021, approved the appointment of Dr. Urjit Patel, as an Additional Director of the Company in the category of Non-Executive and Independent Director with effect from 31st March, 2021 for a term of 5 years i.e., upto 30th March, 2026, subject to approval of the shareholders of the company,” Britannia Industries said in a regulatory filing on Wednesday.
Urjit Patel fulfills the criteria of independence as required under the provisions of the Companies Act, 2013 and the Rules framed thereunder and the SEBI (LODR) Regulations, 2015.
Further, it also said that Patel is not debarred from holding the office of director by virtue of any SEBI order or any other authority.
He was the Governor of the Reserve Bank of India (RBI) during September 2016-December 2018.