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Burmans'
nominee appointed non-executive chairman at Punjab Tractors
New Delhi: P.D. Narang, the Burman family's representative
on the board of Punjab Tractors has been appointed non-executive
chairman of the company at a board meeting replacing S.K.
Tuteja. Yash Mahajan will continue as the vice-chairman
and managing director of the company.
The
company's board further gave its in-principle approval
to appoint a management consultant to chalk out a growth
roadmap for the company including a SWOT analysis of future
strategies. The appointment of Narang is the first step
in this direction.
The
Burman family holds 12.5 per cent stake in PTL and can
increase its stake up to 15 per cent without making an
open offer. Currently, the family is the third largest
shareholder after private equity firm Actis, which has
a stake of 29 per cent and LIC, which has a 15 per cent
shareholding.
Meanwhile,
the Punjab Tractors scrip closed at Rs282.05 today down
1.45 per cent over the previous day's close of Rs286.20.
The scrip has appreciated by 8.8 per cent over the past
month, reaching its 52-week high of Rs292.50 on May 3.
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Arathi
Krishna appointed on Sundram Fasteners board
Chennai: Arathi Krishna, daughter of Suresh Krishna,
chairman and managing director, Sundram Fasteners, has
received an appointment on the board of directors of Sundram
Fasteners with effect from May 3. According to a notification
to the BSE Ms Krishna has been appointed as the managing
director, but designated as executive director of the
company, for a period of five years.
Ms
Krishna, 38 is a gold medallist in Economics from Madras
University and an MBA from Michigan University.
In
order to keep the ratio of promoter-directors in-tact,
Sundram Fasteners has inducted C.V. Karthik Narayanan,
industrialist, into the board as an independent director.
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Sitaramam
takes over as MD of SBT
Thiruvananthapuram:
K. Sitaramam has taken charge as the managing director
of State Bank of Travancore (SBT). Sitaramam began his
banking career in 1971 as a probationary officer with
State Bank of India and since held various positions as
chief manager of the Hyderabad and Patna circles of State
Bank of India; general manager-personnel and development
banking at the Patna Circle, and as deputy general manager-development
banking at the State Bank of India Corporate Office, Mumbai,
and at Sambalpur Zonal Office (Bhubaneswar Circle).
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Satyam
appoints Dr Heij as head of continental Europe ops
Hyderabad: To enhance its footprint in the European
region, Satyam Computer Services Ltd has announced the
appointment of Dr Peter M. Heij as the head and senior
vice president of Continental Europe.
The
company says Dr Heij will leverage his experience and
work towards brand building and market penetration to
boost Satyam's presence in Continental Europe. He will
operate out of the Netherlands and will work with Dr Keshab
Panda, head of Satyam Europe operations.
Dr
Heij was earlier with Logica CMG, Germany, where he was
the managing director for the managed services business
and successfully acquired and led large outsourcing deals
for the company.
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Kaushik
Mehta appointed VP, Diamond High Council
Ahmedabad: Kaushik Mehta has become the first Indian
to be elected as vice-president of the Antwerp-based Diamond
High Council, Hoge Raad Voor Diamant (HRD) against strong
opposition from the Jewish lobby. The DHC is the world's
apex body in diamond trade and this new development would
come as a major boost for the domestic diamond industry,
which is largely concentrated in Surat and Mumbai.
On
Monday, the general assembly DHC had ratified the election
of five Indians to its 11-member board. Amongst them,
were Kaushik Mehta (Eurostar Diamond Traders) and Nishit
Parikh (Diarough), both sightholders of De Beers. The
other three were Mehul Kothari (Sushang Exporters), Nilang
Mehta (Genesis Diamonds) and Mukund Joshi (Belindiam).
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