Cholamandalam Finance appoints Vellayan Subbiah as executive chairman
Board of directors confirms that appointment is contingent upon approval of shareholders; company to seek shareholder nod via postal ballot notice
Cholamandalam Investment and Finance Company Ltd (Cholafin) has announced the appointment of Vellayan Subbiah as its executive chairman, with effect from April 1.
The appointment was approved by the company’s board of directors during a meeting held earlier on Monday (March 24).
Subbiah, who is currently serving as the non-executive chairman, will take on the new role for a term of five years, running through March 31, 2030. The board has also confirmed that the appointment is contingent upon approval from the company’s shareholders.
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Company to seek shareholder approval
In a statement, Cholamandalam confirmed that Subbiah will also become a key managerial official of the company upon assuming his new role. The company will seek shareholder approval via a postal ballot notice, as per the provisions of the Companies Act, 2013 and SEBI regulations.
Cholamandalam clarified that Subbiah is not debarred from holding the office of a director by any regulatory authority. The meeting, which commenced at 2.30 pm and concluded at 5.45 pm, also included the approval of various other matters, according to the company.
Cholamandalam’s shares settled 0.42 per cent lower at Rs 1,532 on the NSE on Monday.