New Delhi, October 17: Crompton Greaves Consumer Electricals Ltd (CGCEL) on Tuesday announced the appointment of Sundaram Damodarannair as Chairman of the company as Hemant Nerurkar is superannuation. Nerurkar, who was re-nominated for the second time as Non-Executive Independent Director, will attain the age of seventy-five years on October 20, 2023, according to a regulatory filing from CGCEL.

The appointment of Damodarannair, a former HUL veteran, is effective from October 21, 2023. Besides, the CGCEL board has also appointed Anil Chaudhry and Sanjiv Kakkar as additional directors of the company for five years. Both the appointments are effective from October 17, 2023 and will be subject to shareholders' approval. TCS Dress Code: Tata Consultancy Services Stresses on Dress Code as Employees Are Back in Office After WFH Ended, Here's What Company's Policy States.

Over Nerurkar, CGCEL said: "In accordance with Section 149 (10) of the Companies Act, 2013, read with the rules made thereunder an Independent Director cannot hold office for more than two consecutive terms on the Board of the Company," it said.

As per SEBI's Listing Regulations, a special resolution shall be required to be passed for appointing/continuing the directorship of the person who has attained the age of 75 years and further as per the Nomination & Remuneration Policy of the Company the retirement age for Non-Executive Directors is stipulated as 75 years, it said.

"The completion of the second term of Nerurkar from the position of Chairman & Independent Director on the Board of the Company shall result in vacation of Chairman office with effect from October 21, 2023, and considering the same, the Board approved the appointment of D Sundaram, Non-Executive & Independent Director, as the Chairman of the Board with effect from October 21, 2023," it said. Stock Market Today: Markets Fall for Third Day on Weak Global Equities, Spike in Brent Crude Oil Prices Due to Tension in Middle East.

CGCEL operates in two business segments -- Lighting and Electrical Consumer Durables. Its revenue for the financial year ended on March 31, 2023, was at Rs 6,936.39 crore.