Britannia Industries announced that its board of directors has approved the appointment of Dr. Urjit Patel, as an Additional Director of the company in the category of Non-Executive and Independent Director with effect from 31st March, 2021 for a term of 5 years i.e., upto 30th March, 2026, subject to approval of the shareholders of the Company.
Dr. Urjit Patel fulfills the criteria of independence as required under the provisions of the Companies Act, 2013 and the Rules framed thereunder and the SEBI (LODR) Regulations, 2015, the company said.
Further, it also said that Patel is not debarred from holding the office of director by virtue of any SEBI order or any other authority.
Urjit Patel's four year tenure as RBI governor had started in September 2016, however, he stepped down from his position in December 2018, citing ''personal reasons'' for the move.
After completing his PhD in 1990, Patel joined the International Monetary Fund (IMF), and worked in several countries like the United States, India, Bahamas, and Myanmar. Thereafter he went on deputation from the IMF to RBI, where he played an advisory role in the development of the debt market, banking sector reforms, pension fund reforms, and targeting of real exchange rate.
He is currently the chairman of the governing body of the National Institute of Public Finance and Policy. He is also on the Investment Advisory Committee of the Army Group Insurance.