Founder-Chairman Ramachandra Galla to step down.
The Board of Directors of Amara Raja Batteries Limited has decided to restructure the composition of its Board. It has approved a proposal to amend the main objects clause of the Memorandum of Association to address new business segments in the electric mobility and new energy.
The members of the batteries major, at the 36th AGM, will take up the amendment of the Main Objects of the Company to engage in segments such as e-mobility, energy storage, lithium cells, aluminum fuel cells/fuel cells and some other related new energy areas.
The Board restructure will see the Founder-Chairman of the Amara Raja Group, Dr Ramachandra N Galla stepping down after he expressed his desire not to seek re-appointment as Director and Chairman of the Company. It will also see the entry of next generation of the family being inducted on Board.
Alongside, Dr Ramadevi Gourineni resigned as non-executive Director of the Company due to pre-occupation in her medical profession on account of ongoing pandemic.
The Board appointed Harshavardhana Gourineni as an additional director and executive director; Vikramadithya Gourineni as an additional director and Executive Director of the Company and Annush Ramasamy as an additional director categorized as an Independent Director of the Company.
Jayadev Galla, who is the Vice Chairman and Managing Director will also be the CEO of the Company and Vijayanand Samudrala has been re-designated as President, New Energy. All these are with effect from June 12, 2021.
Both Harshavardhana Gourineni and Vikramadithya Gourineni are grandsons of Dr. Ramachandra N Galla and nephews of Jayadev Galla.
It informed BSE that the final dividend of Rs 6 per equity share (representing 600 per cent) on the equity share of Rs 1 each fully paid up for the financial year ended March 31, 2021 recommended by the Board and if approved by the shareholders at the ensuing 36th annual general meeting of the Company shall be paid on or before September 13, 2021.
Source: thehindubusinessline
