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Leading tyre manufacturer MRF Ltd., as part of its orderly succession to the board, has proposed the appointment of Arun Vasu, Vikram Chesetty and Prasad Oommen as three independent directors for a period of five years.
Besides, it also sought the shareholders approval for reappointment of Arun Mammen as managing director (with the designation of vice-chairman and MD) for a period of five years from April. His current tenure ends on March 31.
Currently, the MRF board comprises 10 independent directors. Six of these independent directors are due to retire in September 2024, it said in a regulatory filing.
Since these independent directors are currently serving their second term, they will not be eligible for re-appointment upon their retirement. As part of the succession plan, it was proposed to induct new independent directors and seek shareholders approval through postal ballot. The e-voting commences on March 2 and ends on March 31.
Mr. Vasu as CMD currently heads TT Group of companies. Mr. Chesetty is fourth generation entrepreneur and partner of The Premier Mica Co and Mr. Oommen is the MD of The Bhavani Tea & Produce Co. Ltd.
In December 2022, the shareholders had approved appointment of Vikram Taranath Hosangady, Ramesh Rangarajan and Dinshaw Keku Parakh as independent directors.
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