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Suryalakshmi Cotton Mills Appoints New Independent Director
Team Finance Saathi
17/Dec/2024
What's covered under the Article:
- Malapally Chowda Reddy Balaji appointed as Non-Executive Independent Director at Suryalakshmi Cotton Mills.
- Appointment effective from December 16, 2024, for a five-year term ending December 15, 2029.
- Sri Balaji brings valuable expertise in healthcare and leadership in diagnostic services.
Suryalakshmi Cotton Mills Limited has announced the appointment of Mr. Malapally Chowda Reddy Balaji as a Non-Executive Independent Director on its Board of Directors, effective from December 16, 2024. This appointment, made in accordance with the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, will be for a term of five years, running from December 16, 2024, to December 15, 2029.
About Sri. Malapally Chowda Reddy Balaji’s Appointment
The appointment of Sri. Malapally Chowda Reddy Balaji has been confirmed based on the recommendation of the Nomination and Remuneration Committee and the approval of the Board of Directors of Suryalakshmi Cotton Mills. His addition to the board is part of the company’s strategy to broaden the expertise and governance standards of the Board.
Mr. Balaji is a distinguished radiologist, holding an MBBS degree from Bangalore Medical College (Class of 1992) and an MD in Radiology from Manipal Academy of Higher Education (Class of 1995), where he was awarded a gold medal for his excellence in the field. He is the founding managing partner of Focus Diagnostics, a premier diagnostic center in Hyderabad, known for its leadership in radiology and medical laboratory testing.
Under his leadership, Focus Diagnostics has become one of the top diagnostic centers in Hyderabad, gaining a reputation for quality service and state-of-the-art medical testing facilities. His expertise in the healthcare industry and his leadership capabilities are seen as a significant asset to the company.
Directorate Changes and Governance
Sri. Malapally Chowda Reddy Balaji joins a distinguished list of board members at Suryalakshmi Cotton Mills. The board members now include:
- Sri. L. N. Agarwal – Chairman & Managing Director
- Sri. Paritosh Agarwal – Managing Director
- Sri. R. Surender Reddy – Non-Executive Non-Independent Director
- Sri. Dhruv Vijai Singh – Non-Executive Independent Director
- Sri. Arvind Sadashiv Mokashi – Non-Executive Independent Director
- Smt. Aruna Prasad – Non-Executive Independent Director
- Sri. Malapally Chowda Reddy Balaji – Non-Executive Independent Director (Effective December 16, 2024)
Independence and Compliance
Sri. Malapally Chowda Reddy Balaji is not related to any of the Promoters or Promoter Group and meets the criteria of independence as per the provisions of the Companies Act, 2013 and SEBI Listing Regulations. Furthermore, he has confirmed that he is not debarred from holding the office of Director by any order from SEBI or any other authority, ensuring his compliance with all legal and regulatory requirements.
Conclusion
The appointment of Mr. Balaji is expected to enhance corporate governance at Suryalakshmi Cotton Mills and contribute to the strategic decision-making process at the board level. The company believes that his expertise will bring valuable insights to the company, especially in business strategy and governance matters.