Patel Engineering (PEL) tumbled 8.79% to Rs 62.98 after the civil construction company informed about the demise of its promoter, chairman & managing director, Rupen Patel.
Meanwhile, the firms board approved several appointments as an ad hoc arrangement for seamless functioning after Rupen Patels passing.Firstly, the companys board appointed Janky Patel as an additional director/non-executive director, to be designated as chairperson of the company effective from 6 July 2024 for a period of 3 years. Janky Patel is wife of Rupen Patel. She is a graduate from Mumbai University.
Further, the board appointed Kavita Shirvaikar as an acting managing director of the company effective from 6 July 2024. She stepped down from the position of chief financial officer (CFO).
Kavita Shirvaikar is a qualified chartered accountant and a graduate of the Institute of Cost & Works Accountants of India. She has vast experience of more than 20 years in the fields of accountancy, tax, audit, banking, finance and fund management, etc. She is currently whole time director & CFO of the company.
Lastly, the companys board also appointed Rahul Agarwal as an acting CFO of the company effective from 6 July 2024. Pursuant to his appointment as CFO, he will be appointed as key managerial personnel and senior management personnel of the company.
Rahul Agarwal is a chartered accountant with more than 18 years of experience in the field of finance, investor relations, accounting, auditing including related legal, corporate and other structuring.
Patel Engineering is a civil construction company that specializes in hydropower and irrigation projects.
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The company reported consolidated net profit of Rs 63.74 crore in Q4 FY24, down 22.6% from Rs 82.33 crore posted in Q3 FY24. Net sales increased by 5.4% year on year to Rs 12,56.92 crore in Q4 FY24 over Q3 FY23.
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