Food company Britannia Industries Ltd on Wednesday said its board has approved the appointment of former RBI governor Urjit Patel as an additional director (non-executive) of the company, with an immediate effect.
"With reference to the above cited subject, this is to inform you that the Board of Directors of the Company at their meeting held today 31st March, 2021, approved the appointment of Company at their meeting held today 3Pt March, 2021, approved the appointment of Dr. Urjit Patel, as an Additional Director of the Company in the category of Non-Executive and Independent Director with effect from 31st March, 2021 for a term of 5 years i.e., upto 30th March, 2026, subject to approval of the shareholders of the Company," Britannia said in a filing to the BSE.
Urjit Patel fulfills the criteria of independence as required under the provisions of the Companies Act, 2013 and the Rules framed thereunder and the SEBI (LODR) Regulations, 2015, the filing said.
Patel served as Governor of the Reserve Bank of India. Before that, he was Deputy Governor in charge of monetary policy. He is chairman of the Governing Body of the National Institute of Public Finance and Policy. He serves on the Investment Institute of Public Finance and Policy.
Hailing from a business family based in Nairobi, Patel, who studied at London School of Economics, Oxford University and Yale University, was a Kenyan national until 2013. He acquired Indian citizenship before he was appointed RBI deputy governor in January 2013
(Edited by : Jomy)
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