Pallavi Shroff not to seek renewal of term as director on Asian Paints board
Synopsis
In a stock exchange disclosure, Asian Paints Saturday said Shroff has informed the board of directors she will not be able to continue for a second term of appointment as an independent director of the company on account of several new projects her firm has undertaken, projects that demand greater professional and time commitments.
In a stock exchange disclosure, Asian Paints Saturday said Shroff has informed the board of directors she will not be able to continue for a second term of appointment as an independent director of the company on account of several new projects her firm has undertaken, projects that demand greater professional and time commitments.
An email query sent to Pallavi Shroff did not elicit any response.
Proxy advisory firm InGovern Research said that Asian Paints is taking professional services from Shroff's firm, and the company has not disclosed it in its explanatory notes of the notice seeking her re-appointment as an independent director.
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Following her announcement, the company has decided to withdraw the notice of postal ballot dated January 17, 2024. Accordingly, the process of voting through electronic means seeking the consent of the shareholders for her re-appointment stands cancelled.
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