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Orient Electric Announces Key Managerial Personnel Changes
Team Finance Saathi
17/Dec/2024
What's covered under the Article:
- Saibal Sengupta retires as Chief Financial Officer of Orient Electric, effective December 31, 2024.
- Arvind Vats appointed as the new CFO and Chief Risk Officer, effective January 1, 2025.
- Hitesh Kumar Jain resigns as Company Secretary, effective December 20, 2024.
Orient Electric Limited, a CK Birla Group company, has announced significant changes in its key managerial personnel (KMP). These changes include the retirement of Mr. Saibal Sengupta, the appointment of Mr. Arvind Vats as the new Chief Financial Officer (CFO), and the resignation of Mr. Hitesh Kumar Jain as Company Secretary & Compliance Officer.
1. Retirement of Mr. Saibal Sengupta as CFO
As per the announcement made on December 17, 2024, Mr. Saibal Sengupta will be retiring from his role as the Chief Financial Officer (CFO) and Chief Risk Officer of Orient Electric Limited on December 31, 2024. His retirement is due to his superannuation, and he will cease to be a part of the key managerial personnel of the company effective from the close of business hours on that day. This marks the end of his tenure with the company, having contributed significantly to the company's financial strategies and risk management during his term.
2. Appointment of Mr. Arvind Vats as CFO and Chief Risk Officer
The Board of Directors of Orient Electric has approved the appointment of Mr. Arvind Vats as the new Chief Financial Officer (CFO), effective from January 1, 2025. Mr. Vats, who joined the company on December 17, 2024 as the CFO - Designate, will also assume the role of Chief Risk Officer. His appointment reflects the company’s strategic focus on strengthening its leadership team to support ongoing financial and business goals.
Mr. Vats brings a wealth of experience to the role, having over 30 years of post-qualification experience in areas such as accounting, financial planning, business strategy, IPO listings, corporate governance, and more. His background includes work in diverse sectors such as FMCG, retail, telecommunications, and textile industries. His expertise in business transformation and strategic decision-making is expected to drive the company's growth and resilience.
3. Resignation of Mr. Hitesh Kumar Jain as Company Secretary
In another key personnel update, Mr. Hitesh Kumar Jain has tendered his resignation from the position of Company Secretary & Compliance Officer of Orient Electric. His resignation, effective from the close of business hours on December 20, 2024, has been submitted to pursue a career opportunity outside the company. His resignation will also result in his cessation as a key managerial personnel of the company.
Conclusion
These changes come as part of Orient Electric’s efforts to enhance its leadership and adapt to evolving business challenges. The company’s management is confident that the appointment of Mr. Arvind Vats and the retirement of Mr. Saibal Sengupta will usher in a new phase of strategic growth and risk management, while Mr. Jain’s resignation marks the end of his valued contributions to the company’s legal and compliance frameworks.