1 month ago
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TVS Motor Company (TVSM) announced the induction of Sanmar Group Chairman Vijay Sankar and Haribhakti & Associates Chairman Shailesh Haribhakti as new independent directors, subject to shareholder approval.
Independent director Kuok Meng Xiong will step down as independent director at the ensuing AGM, owing to his increased business commitments and personal reasons, the two-and three-wheeler manufacturer said in a statement.
Mr. Sankar was inducted on March 20. He holds several independent directorships and trustee positions and is also the Honorary Consul General of Denmark in Chennai.
Mr. Haribhakti, who will join the board on April 1, is a certified internal auditor, financial planner and fraud examiner with more than five decades of experience.
On Wednesday, TVSM said that it would issue four cumulative non-convertible redeemable preference shares (NCRPS) of ₹10 each by way of bonus to its shareholders for every one share.
The NCRPS amounting to ₹1,900 crore will carry an interest rate of 6% per annum. It shall be redeemed on the expiry of 12 months from the date of allotment. It will be listed on the bourses.
