REG - HDFC Bank Limited - Outcome of Board Meeting - Reappointment Directors

HDFC BankAnnouncement

16/10/2023 07:00

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RNS Number : 1478Q  HDFC Bank Limited  15 October 2023

 CIN: L65920MH1994PLC080618                            HDFC Bank Limited,

 Email: shareholder.grievances@hdfcbank.com            Zenith House,
 (mailto:shareholder.grievances@hdfcbank.com)

                                                     Opp. Race Course Gate no. 5 & 6,
 Website: www.hdfcbank.com (http://www.hdfcbank.com)

                                                     Keshavrao Khadye Marg,

                                                       Mahalaxmi, Mumbai- 400034

                                                         Tel.: 022 - 3976 0000 / 07 / 12

 

 

 

 

 

October 15, 2023

 

BSE Limited
      National Stock Exchange of India Limited

Dept of Corporate Services                             The
Listing Department

Phiroze Jeejeebhoy
Towers,                            Exchange Plaza

Dalal Street,
Fort,
Bandra Kurla Complex,

Mumbai 400
001
Mumbai 400 051

Scrip Code:
500180
Scrip Symbol: HDFCBANK

 

Dear Sir / Madam,

 

Sub: Outcome of Board deliberations on October 15, 2023

 

In continuation to our intimation dated October 6, 2023, wherein it was
informed that meeting of the Board of Directors of HDFC Bank Limited ("the
Bank") will be held over Sunday, October 15, 2023 and Monday, October 16,
2023. We wish to inform you that the Board of Directors of the Bank, at its
meeting held today, has considered and approved the following:

 

1.   Based on the recommendation of the Nomination & Remuneration
Committee, Re-appointment of Mr. Sandeep Parekh (DIN: 03268043) as an
Independent Director of the Bank for a period of 3 (three) years from January
19, 2024 to January 18, 2027 (both days inclusive);

 

2.   Based on the recommendation of the Nomination & Remuneration
Committee, Re-appointment of Mr. M. D. Ranganath (DIN: 07565125) as an
Independent Director of the Bank for a period of 3 (three) years from January
31, 2024 to January 30, 2027 (both days inclusive);

 

3.   Based on the approval received from Reserve Bank of India vide its
communication dated September 18, 2023, in continuation to our intimation
dated September 19, 2023 and pursuant to the recommendation of the Nomination
& Remuneration Committee, re-appointment of Mr. Sashidhar Jagdishan (DIN:
08614396) as the Managing Director and Chief Executive Officer of the Bank for
a period of 3 (three) years from October 27, 2023 to October 26, 2026 (both
days inclusive).

 

Mr. Sandeep Parekh, Mr. M. D. Ranganath and Mr. Sashidhar Jagdishan are not
related inter-se or to any other Directors or Key Managerial Personnel of the
Bank. Further, they are not debarred from holding the office of a director, by
virtue of any order passed by SEBI or any other such authority. Kindly note
that the above re-appointments shall be placed before the shareholders of the
Bank for their approval in due course.

 

The brief profiles of Mr. Parekh, Mr. Ranganath and Mr. Jagdishan are enclosed
herewith as Annexure-I.

 

The Board deliberations for the above-mentioned items were concluded at 6.50
p.m. on October 15, 2023 and the board deliberations would continue on October
16, 2023 to consider the unaudited standalone and consolidated financial
results for the second quarter and half year ended September 30, 2023.

 

You are requested to kindly take the above on your records.

 

 

Yours truly,

 

For HDFC Bank Limited

 

 

 

Santosh Haldankar

Company Secretary

 

Encl.: as above

 

cc: London Stock Exchange

10, Paternoster Square

London EC4M 7LS

New York Stock Exchange

11, Wall Street,

New York,

NY 10005

USA

 

Singapore Exchange Securities Trading Limited

2 Shenton Way

# 02-00 SGX Centre 1

Singapore 068804

 

 

 

 

 

 

 

Annexure - I

 

(A) Mr. M. D. Ranganath

 

Mr. M.D. Ranganath holds Master's degree in technology from IIT, Madras and a
Bachelor's degree in Engineering from the University of Mysore. He is a PGDM
from IIM, Ahmedabad and a member of CPA, Australia. Mr. Ranganath has over
thirty two (32) years of experience in the Global IT services and financial
services industry. He is currently Chairman of Catamaran Ventures. He was
Chief Financial Officer of Infosys Limited, a globally listed IT services
company, till November, 2018. During his tenure of 18 years at Infosys, he was
an integral part of the growth and transformation of Infosys into a globally
respected IT services company and effectively played leadership roles in a
wide spectrum of areas- Strategy, Finance, Merger & Acquisition (M&A),
Consulting, Risk Management, and Corporate planning- culminating in the role
of Chief Financial Officer. Prior to Infosys, he worked at ICICI Limited for 8
years and executed responsibilities in credit, treasury, equity portfolio
management and corporate planning. In the years 2017 and 2018, Mr. Ranganath
was the recipient of the Best CFO Asia award in the technology sector, by
Institutional Investor publication, based on poll of buy-side and sell-side
investor community.

 

(B) Mr. Sandeep Parekh

 

Mr. Sandeep Parekh holds an LL.M. (Securities and Financial Regulations)
degree from Georgetown University and an LL.B. degree from Delhi University.
He is the managing partner of Finsec Law Advisors, a financial sector law firm
based in Mumbai. He was an Executive Director at the Securities & Exchange
Board of India during 2006-08, heading the Enforcement and Legal Affairs
departments. He is a visiting faculty at the Indian Institute of Management,
Ahmedabad. He has worked for law firms in Delhi, Mumbai and Washington, D.C.
Mr. Parekh focuses on securities regulations, investment regulations, private
equity, corporate governance and financial regulations. He is admitted to
practice law in New York. He was recognized by the World Economic Forum as a
"Young Global Leader" in 2008. He was Chairman and member of various SEBI and
RBI Committees and sub-Committees. He sits on the Advisory Committee of School
for Regulatory Studies & Supervision (SRSS) of National Institute of
Securities Market (NISM). He has published op-eds in the Financial Times and
the Economic Times.

 

(C) Mr. Sashidhar Jagdishan

 

Mr. Sashidhar Jagdishan is the Managing Director & Chief Executive Officer
of the Bank has an overall experience of thirty (31) years. He has completed
his graduation in Science with specialization in Physics, is a Chartered
Accountant by profession and holds a Master's degree in Economics of Money,
Banking & Finance from the University of Sheffield, United Kingdom. Mr.
Jagdishan joined the Bank in the year 1996 as a Manager in the Finance
function. He became Business Head - Finance in 1999 and was appointed as Chief
Financial Officer in the year 2008. He played a critical role in supporting
the growth trajectory of the Bank, and led the finance function with a pivotal
role in aligning the organization in achieving the strategic objectives over
the years.

 

Prior to his appointment as Managing Director & Chief Executive Officer of
the Bank, he was the Group Head of the Bank in addition to overseeing the
functions of Finance, Human Resources, Legal & Secretarial,
Administration, Infrastructure, Corporate Communications and Corporate Social
Responsibility.rrom

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