Adani Ports and Special Economic Zone Ltd (APSEZ) — part of the Adani Group — on Tuesday said billionaire Gautam Adani has been redesignated from executive chairman to non-executive chairman with immediate effect.
APSEZ, in a regulatory filing, said that, based on the recommendation of the nomination and remuneration committee, the board has approved the redesignation of Gautam Adani from executive chairman to non-executive chairman with effect from August 5, and consequently, he would cease to be a key managerial personnel of the company.
The company appointed Manish Kejriwal as additional director (non-executive, independent) of the company for an initial term of three years from August 5, subject to the approval of shareholders within three months.
In a statement, APSEZ said this change ensures compliance with the applicable provisions of the Companies Act, which restrict key managerial personnel from holding executive positions in more than one company simultaneously.
“Given that APSEZ already has two executive directors – a Managing Director and a Whole-Time Director & CEO – this re-designation will also enable Mr Adani to devote greater attention to the strategic direction and growth of other entities within the Adani Group. Mr Adani continues to serve as the Chairman of APSEZ,” the company said.
APSEZ is part of the globally diversified Adani Group, with a national footprint of 15 ports and a presence in four ports outside India.