Crompton Greaves Consumer Electricals Ltd has announced a significant change in its leadership structure, appointing Mr. Sundaram Damodarannair as the new Chairman of the Board in a non-independent capacity. This move comes as Mr. Damodarannair's tenure as an Independent Director concludes after serving two consecutive five-year terms since August 2015.

Key Highlights of the Appointment

• New Role: Mr. Sundaram Damodarannair will serve as an Additional Non-Executive, Non-Independent Director and Chairman of the Board.
• Effective Date: The appointment takes effect from September 18, 2025.
• Term: Mr. Damodarannair will hold office until he reaches 75 years of age on April 15, 2028, subject to shareholder approval through postal ballot.

Board Restructuring and Committee Changes

The Board of Directors has approved several changes to strengthen the company's governance structure:

1. Committee Reconstitution: Five key committees have been restructured to include Mr. Damodarannair:

   • Audit Committee
   • Nomination & Remuneration Committee
   • Stakeholders' Relationship Committee
   • Corporate Social Responsibility Committee
   • Risk Management Committee

2. Board Diversity Policy: A new policy has been approved to enhance corporate governance, align with global best practices, and improve decision-making and risk management.

Mr. Damodarannair's Extensive Experience

Mr. Sundaram Damodarannair brings a wealth of experience to his new role:

• Career Highlights: Long-standing career at Hindustan Unilever Limited (HUL), where he served as CFO and Vice Chairman.
• International Exposure: Six years at Unilever, London, in various capacities.
• Awards: Two-time winner of the "CFO of the Year for FMCG Sector" award by CNBC TV18 (2006 and 2008).
• Current Roles: Serves on the boards of Infosys Limited, Zurich Kotak General Insurance Company (India) Limited, and Credila Financial Services Limited.
• Education: Post-graduate in Management Studies (MMS), Fellow of the Institute of Cost Accountants, and completed Harvard Business School's Advanced Management Program (AMP).

Implications for Crompton Greaves

This appointment marks a significant transition for Crompton Greaves Consumer Electricals Ltd. Mr. Damodarannair's extensive experience in corporate finance, business performance, and strategy is expected to contribute to the company's growth and governance. The restructuring of key committees and the introduction of a Board Diversity Policy demonstrate the company's commitment to enhancing its corporate governance framework.

Shareholders will have the opportunity to approve Mr. Damodarannair's appointment through a postal ballot, details of which will be circulated in due course. This change in leadership comes at a time when companies are increasingly focusing on strengthening their board structures and aligning with global best practices in corporate governance.

Crompton Greaves Consumer Electricals Limited , a prominent player in the consumer electricals sector, has successfully concluded a significant corporate action that could pave the way for future strategic initiatives. The company recently completed a postal ballot process, seeking shareholder approval for a special resolution to alter the Object Clause of its Memorandum of Association.

Postal Ballot Results

The voting period for the postal ballot ran from August 14 to September 12, allowing shareholders to voice their opinions on this crucial matter. The results of the ballot were nothing short of decisive:

Significance of the Resolution

The special resolution was passed with the required majority, significantly exceeding the threshold of votes in favor being at least three times the votes against. This overwhelming support indicates strong shareholder confidence in the company's strategic direction.

Scrutinizer and Compliance

Ms. Alifya Sapatwala from Mehta & Mehta, a firm of Practicing Company Secretaries, served as the scrutinizer for the postal ballot process, ensuring its integrity and compliance with regulatory requirements. The results were announced by the Company Secretary & Compliance Officer, Rashmi Khandelwal, on September 12.

Implications for Crompton Greaves

The alteration of the Object Clause in the Memorandum of Association is a significant corporate action that could potentially broaden the scope of the company's business activities. While specific details of the alterations were not provided, such changes typically allow companies to explore new business opportunities or align their stated objectives with evolving market conditions and corporate strategies.

Other Recent Developments

In addition to this corporate action, Crompton Greaves has recently made two other noteworthy announcements:

1. Tax Demand: The company received an order from the office of the Superintendent, Gandhi Maidan Range, Patna, Bihar, imposing a demand of INR 97,60,458 for the period April 2018 to March 2023. Crompton Greaves plans to appeal this order, expressing confidence in obtaining a favorable outcome.

2. Solar Project Empanelment: The company has been empaneled by Madhya Pradesh Urja Vikas Nigam Limited for a significant solar project. This involves the design, manufacture, supply, and installation of Off-grid DC & AC Solar Photovoltaic Water Pumping Systems under the PM KUSUM B scheme, with a contract value of approximately INR 4.76 crore (excluding GST).

These developments collectively paint a picture of a company actively managing its regulatory compliance while also pursuing growth opportunities in the renewable energy sector.

As Crompton Greaves moves forward with these initiatives, stakeholders will be keen to observe how these actions translate into the company's operational and financial performance in the coming quarters.