“The Company also announced a strategic change in its leadership structure, further improving the corporate governance framework with the role of Chairman and Managing Director now being split, with Aakash Moondhra (Independent Director) being designated as the Chairman, while Mr. Lalit Agarwal would continue in his role as the Managing Director.
Aakash Moondhra is the Global CFO of PayU, a Naspers group company and continues to remain an independent Director on the board of VMart,” the company said in its exchange filing.
Commenting on the new development Lalit Agarwal, MD said “The appointment of Aakash as the chairman will herald a new era of corporate governance in the company. Aakash has been a torchbearer of ethics and governance and this indeed is a big change for a so far promoter led company which is now embarking on its new charter of growth, ably supported by a deep rooted professional and independent governance culture.”
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Moondhra commenting on his appointment added that “I am thankful to the Board for posing the confidence in me and I will try my best to help contribute in making VMart an even better organisation than it already is and I look forward to this exciting journey together with the fellow board members”
