Bajaj Electricals Limited Announces Compliance Changes Effective June 30, 2023; Effective July 1, 2023
May 23, 2023 at 07:38 am EDT
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The Nomination and Remuneration Committee and the Board of Directors of Bajaj Electricals Limited at their respective meetings held on May 23, 2023, have noted the cessation of Mr. Ajay Nagle (ICSI Membership No.: A9855) as the `Company Secretary & Chief Compliance Officer' of the Company, with effect from close of working hours on June 30, 2023, and he will be taking up higher responsibilities within the group; and Further, as a part of succession planning and to facilitate smooth transition, the Board based on the recommendation of the NRC, at its meeting has also approved the appointment of Mr. Prashant Dalvi
(ICSI Membership No.: A51129) as the `Company Secretary and Chief Compliance Officer' of the Company with effect from July 1, 2023. He will also act as a Key Managerial Personnel of the Company, as per the provisions
of the Companies Act, 2013. Mr. Prashant Dalvi is a qualified Company Secretary, holding a bachelor's degree in Commerce from Mumbai University. He has been associated with the Company since September 2010, accumulating over 12 years of experience in successfully managing various corporate secretarial and compliance functions. His expertise extends to handling scheme of arrangements and facilitating fundraising activities in compliance with the Companies Act and the SEBI Regulations.
Bajaj Electricals Limited is engaged in the marketing of various consumer household and industrial goods. The Company operates through two segments: Consumer Products and Lighting Solutions. The Consumer Products segment is engaged in the manufacturing and trading of consumer durables products which includes fans, domestic appliances, kitchen appliances, and non-electrical kitchen aids. The Lighting Solutions segment is engaged in the manufacturing and trading of lighting products which includes light-emitting diode (LED) products, such as lamps, bulbs, battens and ceiling lights in consumer lighting and poles, high mast, street lighting, area lighting, in professional lighting. It also provides various fans comprising ceiling, pedestal, table, wall, personal, domestic, and others. It also involved in the engineering, procurement and commissioning of power transmission and power distribution infrastructure. It operates approximately 2,00,000 retail outlets.