On Wednesday, Adani Ports and Special Economic Zone Ltd. said that the company’s key board would be reorganized, per the nominating and compensation committee’s suggestion. It stated that starting on January 4, 2024, and continuing through June 30, 2027, when his present tenure ends, Gautam S. Adani, the company’s chairman and managing director, will be renamed as executive chairman.
Additionally, it stated that starting on January 4, 2024, and continuing through the conclusion of his present term, or until May 23, 2027, Karan Adani, the company’s CEO and full-time director, will serve as the managing director of the business. The regulatory filing stated, “Karan Adani is not barred from holding office of a Director by virtue of any SEBI Order or any other such authority.”
Ashwani Gupta’s appointment as the company’s CEO
Additionally, the board of directors announced Ashwani Gupta’s appointment as the company’s Chief Executive Officer, effective January 4, 2024, and as a Whole-Time Director, effective January 4, 2024, for a term of three years, starting on the date he receives his Director Identification Number and completes all other necessary paperwork, subject to shareholder approval.
With effect from the close of business hours on January 3, 2024, APSEZ also accepted Dr. Malay Mahadevia’s resignation as a director of the company. Dr. Malay Mahadevia resigned from the position in his letter of resignation, citing “pre-occupation and other professional commitments within the Adani group” as his reasons.
Adani Ports further said that its board had approved the use of non-convertible debentures (NCDs) to raise up to Rs 5,000 crore. According to the business, the NCDs with a face value of Rs 1,000 each, totaling up to Rs 5,000 crore, would be issued in one or more tranches.
The statement said, “The Finance Committee has been granted authority by the Company’s board of directors to oversee, coordinate, and carry out the Issue’s related actions, among other things.
