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Mazagon Dock Shipbuilders Extends Additional Charge of Director (Submarine & Heavy Engineering)
Team Finance Saathi
18/Dec/2024
What's covered under the Article
- Ministry of Defence approves extension of additional charge for Cdr. Vasudev Puranik.
- Cdr. Puranik continues as Director (Submarine & Heavy Engineering) for one more month.
- Extension confirmed until the appointment of a new incumbent or further orders.
Mazagon Dock Shipbuilders Limited, a prominent defence sector company, has announced the extension of the additional charge for the post of Director (Submarine & Heavy Engineering) to Cdr. Vasudev Puranik, IN (Retd.). This decision follows an approval from the Ministry of Defence (MoD), conveyed through a letter dated December 17, 2024.
Background and Terms of the Extension
As per the official notification, Cdr. Puranik will continue to hold the additional charge for the position of Director (Submarine & Heavy Engineering) with effect from November 27, 2024. The extension will remain in place for a period of one month or until a new incumbent is appointed to the post, whichever occurs earlier.
This latest approval follows a series of previous extensions granted by the Ministry of Defence. Earlier, the MoD had approved the additional charge of the same position for Cdr. Puranik for a period of three months beginning August 27, 2024. The approval for the current extension is in continuation of the earlier letters dated November 28, 2024, September 2, 2024, and May 27, 2024.
Significance of the Appointment and Extension
The role of Director (Submarine & Heavy Engineering) at Mazagon Dock Shipbuilders is crucial, especially given the company’s significant involvement in the Indian Navy’s submarine projects and heavy engineering operations. Cdr. Puranik, with his extensive experience, continues to lead and oversee the strategic initiatives in these key areas of the company’s operations.
For Mazagon Dock, the extension provides continuity in leadership until the appointment of a permanent successor. The Ministry of Defence's support ensures that the company’s defence-related projects are managed effectively, keeping in line with the government’s priorities and strategic defence objectives.
Corporate Governance and SEBI Compliance
This disclosure is made in compliance with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The update is important for investors and stakeholders who are following the corporate governance practices and management transitions at Mazagon Dock Shipbuilders.
For investors monitoring Mazagon Dock's stock performance under the symbol MAZDOCK on the National Stock Exchange (NSE), this is an essential update on the company's management structure. Such disclosures reflect the company’s commitment to transparency and adherence to regulatory standards.
Future Outlook
As Mazagon Dock continues to play a pivotal role in India’s defence and shipbuilding industry, the leadership extension ensures that operations continue smoothly while awaiting the appointment of a permanent director. The focus on submarine and heavy engineering projects positions the company as a key player in the strategic defense initiatives of the country.
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