Vodafone Idea hit a lower circuit of 10% at Rs 5.43 after the company said that Kumar Mangalam Birla will step down as the chairman of the company.
In an exchange filing made after market hours yesterday, the company said that the board of directors have accepted the request of Kumar Mangalam Birla to step down as non-executive director and non-executive chairman of the board with effect from close of business hours on 4 August 2021.
Consequently, the company's board unanimously elected Himanshu Kapania, currently a non-executive director, as the non-executive chairman.
Himanshu Kapania, a nominee of the Aditya Birla Group, is a telecom industry veteran with 25 years of experience. This includes significant board experience in telecom companies globally. He has also served on the Global GSMA Board for two years and was also the chairman of the Cellular Operators Association of India (COAI) for two years. He is presently the chairman of the FICCI Council on telecom, electronics and digital economy.
Further, based on recommendation of nomination and remuneration committee, the board has appointed Sushil Agarwal, a nominee of Aditya Birla Group, as an additional director (non - executive and non-independent) with effect from 4 August 2021.
Sushil Agarwal is not related to any other director of the company and is not debarred from holding the office of director by virtue of any SEBI order or any other authority.
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Sushil Agarwal (aged 58 years) is qualified chartered accountant and holds a master's degree in commerce. He is the Group chief financial officer and director of Aditya Birla Management Corporation.
Vodafone Idea is an Aditya Birla Group and Vodafone Group partnership. It is amongst India's leading telecom service provider. The company provides pan India Voice and Data services across 2G, 3G and 4G platforms.
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