Ref: BEL/NSEBSE/BMD/11102022 | 11th October, 2022 |
Listing Department | Department of Corporate Services - Listing |
National Stock Exchange of India Limited | BSE Limited |
Exchange Plaza, | P. J. Towers |
Bandra Kurla Complex, | Dalal Street, |
Bandra (East), | Mumbai - 400 001 |
Mumbai - 400 051 | Fax Nos.: 022- 22722037/2039 |
Fax Nos. : 022-26598237/38 |
Re.: Scrip Symbol: BRIGADE/Scrip Code: 532929
Dear Sir,
Sub: Outcome of the Board Meeting held on 11th October, 2022 Intimation under Regulation 30 of SEBI (LODR) Regulations, 2015
As part of good corporate governance for splitting the role of Chairman & Managing Director and for succession planning for the next generation leaders, Mr. M. R. Jaishankar, Chairman & Managing Director of the Company will continue as Executive Chairman and step down from the position of Managing Director. These next generation leaders are part of business operations, strategy, planning, marketing and business development for over a decade and have been groomed by him.
A meeting of the Board of Directors of the Company was held today i.e., 11th October, 2022 has inter alia considered and approved the following:
-
Resignation of Mr. M.R. Jaishankar (DIN: 00191267) from the position of Managing Director of the Company with effective from the closing business hours of 11th October, 2022.
Mr. M. R. Jaishankar shall continue his role as Whole-time Director and Executive Chairman for his current term, which is upto 31st March, 2027, to mentor the next generation leaders in their new roles. - Appointment of Mr. Aroon Raman, Independent Director (DIN: 00201205) as Non-Executive Vice Chairman of the Company for the period from 11th October, 2022 to 4th August, 2024. This is based on the recommendation of the Nomination & Remuneration Committee. This is done as a part of good corporate governance.
- Appointment and re-designation of Ms. Pavitra Shankar (DIN: 08133119) who is presently an Executive Director as Managing Director of the Company for a period of five years with effect from 12th October, 2022 to 11th October, 2027. This is based on the recommendation of the Nomination & Remuneration Committee and is subject to Shareholders approval. She shall be a Key Managerial Personnel in accordance with the provisions of the Section 203 of the Companies Act, 2013.
- Appointment and re-designationof Ms. Nirupa Shankar (DIN: 02750342) who is presently an Executive Director as Joint Managing Director of the Company for a period of five years with effect from 12th October, 2022 to 11th October, 2027. This is based on the recommendation of the Nomination & Remuneration Committee which is subject to Shareholders approval. She shall be a Key Managerial Personnel in accordance with the provisions of the Section 203 of the Companies Act, 2013.
- Mr. Amar Mysore (DIN: 03218587) Whole-time Director, designated as Executive Director of the Company whose present term will end by 15th May, 2023 is re-appointedas an Whole-timeDirector designated as Executive Director for a further period of five years with effect from 16th May, 2023 till 15th May, 2028. This is based on the recommendation of the Nomination & Remuneration Committee and is subject to Shareholders approval.
- Mr. Pradeep Kumar Panja (DIN: 03614568) Independent Director of the Company whose first term of five years will end by 15th May, 2023 is re-appointed as an Independent Director for a second term of five consecutive years from 16th May, 2023 till 15th May, 2028. This is based on the recommendation of the Nomination & Remuneration Committee and is subject to Shareholders approval.
- Dr. Venkatesh Panchapagesan (DIN: 07942333) Independent Director of the Company whose first term of five years will end by 15th May, 2023 is re-appointed as an Independent Director for a second term of five consecutive years from 16th May, 2023 till 15th May, 2028. This is based on the recommendation of the Nomination & Remuneration Committee and is subject to Shareholders approval.
- Appointment of Mr. Velloor Venkatakrishnan Ranganathan (DIN: 00060917) as an Additional Director in the category of Non-Executive Independent Director of the Company for a consecutive period of five years with effect from 11th October, 2022 to 10th October, 2027. This is based on the recommendation of the Nomination & Remuneration Committee and is subject to Shareholders approval. This will increase the strength of Independent Directors on the Board of the Company to a majority at 55%.
The aforesaid directors are not debarred from holding office as a Director of the Company, by virtue of any Securities and Exchange Board of India (SEBI) Order or any other Regulatory Authority.
The Company shall seek Shareholders approval for the aforesaid appointments/ re-appointments through Postal Ballot with remote e-voting facility.
Disclosure pursuant to Regulation 30 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ('SEBI Listing Regulations') relating to the aforesaid appointments/ re-designation and resignation are contained in Annexure 1 & Annexure 2 respectively.
The Board Meeting started at 11.00 a.m. and ended at 1.25 p.m.
Request you to kindly take the same on your records.
Thanking you,
Yours faithfully,
For Brigade Enterprises Limited
P. Om Prakash
Company Secretary & Compliance Officer
Encl.: a/a
Annexure 1
Information as required under Regulation 30 - Para A Schedule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 are as follows:
SI | Requirement | Disclosure | |||||||
No. | |||||||||
1, | Name | Ms. Pavitra Shankar | Ms. Nirupa Shankar | ||||||
2. | DIN | 08133119 | 02750342 | ||||||
3. | Reason for | Appointment & Re-designation | Appointment & Re-designation | ||||||
change viz., | |||||||||
appointment, | |||||||||
resignation, | |||||||||
removal, | |||||||||
death or | |||||||||
otherwise | |||||||||
4. | Date of | Appointment of Ms. Pavitra Shankar as | Appointment of Ms. Nirupa Shankar as | ||||||
appointment/ | Managing Director of the Company for a | Joint Managing Director of the Company | |||||||
cessation (as | period of 5 years w.e.f. 12th October, | for a period of 5 years w.e.f. 12th October, | |||||||
applicable) | 2022 to 11th October, 2027 subject to | 2022 to 11th October, 2027 subject to | |||||||
and terms of | shareholders approval. | shareholders approval. | |||||||
appointment | |||||||||
5. | Brief Profile | Ms. Pavitra Shankar has over 18 years of | Nirupa Shankar has over 16 years of | ||||||
experience in consulting, private equity | experience has been with Brigade since | ||||||||
and real estate development. | 2009, | overseeing | the | company's | |||||
hospitality, office and retail portfolios. | |||||||||
She has been associated with the Group | She also leads Public Relations (PR) and | ||||||||
for close to a decade. She is an Executive | Innovation functions. She set up Asia's | ||||||||
Director of the Company from 2018 and | first Real Estate Tech Accelerator, | ||||||||
is responsible for the Company's | Brigade REAP. | ||||||||
residential business strategy and growth, | |||||||||
with a focus on sales, Residential | She had previously worked as a Senior | ||||||||
business, | marketing, | finance | and | Business Analyst with Ernst & Young LLP | |||||
customer experience. | in New York, Washington DC, and North | ||||||||
Carolina. Nirupa Shankar has a Bachelor's | |||||||||
She holds a Bachelor's degree in | degree in Economics from the University | ||||||||
Economics and Mathematics from the | of Virginia and a Master's degree in | ||||||||
University of Virginia and a Master's in | Management of Hospitality from Cornell | ||||||||
Business Administration in Real Estate | University. | ||||||||
and Finance from Columbia Business | |||||||||
School, U.S.A. | The Awards/ Recognitions bestowed on | ||||||||
Ms. Nirupa Shankar: | |||||||||
She has been honoured by Realty Plus - 40 | |||||||||
under 40 for her achievements in the | Recognised by Economic Times as India | ||||||||
Industry. | Inc's Top Young 40 Leaders under the age | ||||||||
of 40 in 2021. | |||||||||
6. Disclosure of Ms. Pavitra Shankar forms part of
relationships | Promoter Group and Executive Director | ||
between | of the Company and her relatives on the | ||
directors | Board of the Company are as follows: | ||
Name of | Designation | Relationship | |
the | |||
Director | |||
Mr. M. R. | Chairman & | ||
Jaishankar | Managing | Father | |
Director | |||
(Executive | |||
Chairman w.e.f. | |||
11th October, | |||
2022) | |||
Ms. Nirupa | Executive | Sister | |
Shankar | Director (Joint | ||
Managing | |||
Director w.e.f. | |||
12th October, | |||
2022) |
She has been recognised for her contribution in Real Estate and Proptech at the BW Disrupt Women Entrepreneurship Awards 2021.
She has also won the "Woman CXO of the Year" award at the 9th Reality Plus Conclave & Excellence award 2017.
Nirupa is a two time TEDx speaker.
Ms. Nirupa Shankar forms part of Promoter Group and Executive Director of the Company and her relatives on the Board of the Company are as follows:
Name of the | Designation | Relationship | |
Director | |||
Mr. | M. R. | Chairman & | |
Jaishankar | Managing Director | Father | |
(Executive | |||
Chairman w.e.f. | |||
11th October, | |||
2022) | |||
Ms. | Pavitra | Executive | Sister |
Shankar | Director | ||
(Managing | |||
Director w.e.f. | |||
12th October, | |||
2022) | |||
SI | Requirement | Disclosure | |||||||
No. | |||||||||
1, | Name | Mr. Aroon Raman | Mr. Amar Mysore | Mr. Velloor Venkatakrishnan | |||||
Ranganathan | |||||||||
2. | DIN | 00201205 | 03218587 | 00060917 | |||||
3. | Reason for | Appointment & | Re-appointment | Appointment | |||||
change viz., | Re-designation | ||||||||
appointment, | |||||||||
resignation, | |||||||||
removal, | |||||||||
death or | |||||||||
otherwise | |||||||||
4. | Date of | Appointment of | Mr. | Re-appointment of Mr. | Appointment | of Mr. Velloor | |||
appointment/ | Aroon Raman as Non- | Amar Mysore as Whole-time | Venkatakrishnan Ranganathan | ||||||
cessation (as | Executive | Director, | designated | as | as an Additional Director in | ||||
applicable) | Independent | Vice | Executive | Director of | the | the category of Non- | |||
and terms of | Chairman | of | the | Company for a period of 5 | Executive | Independent | |||
appointment | Company for the period | years w.e.f. 16th May, 2023 | Director of the Company for | ||||||
from 11th | October, | a period of | five years with |
2022 to | 4th August, till 15th May, 2028, subject | effect | from | 11th October, | |||
2024. | to shareholders approval. | 2022 to 10th | October, 2027 | ||||
subject | to | shareholders | |||||
approval. | |||||||
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Brigade Enterprises Limited published this content on 11 October 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 October 2022 08:31:04 UTC.