11
Saturday
July 2020
4:05 AM IST
News Headlines
Missing Mayor found dead in north Seoul        Heavy rain hits scenic central Japan, more damage in south        Bikru bloodbath mastermind Vikas Dubey nabbed in MP town        NIA to probe gold smuggling case, ex-Consulate woman employee moves HC for anticipatory bail        Kerala reports biggest daily spike of 339 infections,COVID-19 tally crosses 6,500 mark        Holder wins early battle with Stokes as Windies take control        Ganguly announces cancellation of Asia Cup in September        We have asked every state to adopt one sport: Rijiju        Rupee slips 9 paise to 75.02 against USD        ICICI Bank to raise up to Rs 15,000 crore to bolster capital base        Trump threatens to cut federal aid if schools don't reopen        Pak PM urges world community to share info on COVID-19 strategies as tally rises to 239,225        Enhancing global cooperation need of the hour to effectively tackle COVID-19: Prez        Kanpur encounter: 2 policemen held for 'tipping off' gangster Vikas Dubey about police action        CBSE should explain rationale behind dropping certain chapters from curriculum: Sisodia        301 test positive in Kerala,COVID-19 tally crosses 6,000 mark        Dhoni turns 39, wishes pour in from all corners        New era for cricket as England-West Indies series begins        India''s COVID-19 tally, fatality rate per million population lowest in world: Govt        Rahul asks why no mention of Galwan Valley in MEA statement on talks        
Home   | Main News   | Kerala  | National   | International  | Business   | Sports   | Entertainment   | Columns   | Offbeat   | Health   | About Deepika 
Business News
L&T board reappoints AM Naik as non-executive chairman for 3 years
 
New Delhi, Jun 6 (PTI) Engineering and construction giant Larsen & Toubro on Saturday said its board has given nod for reappointment of A M Naik as non-executive chairman of the company for a period of three years from October 1, 2020.

Naik's present tenure is scheduled to end on September 30, the conglomerate said in a regulatory filing to the BSE.

The board also gave approval for extending the tenure of whole-time Director Dip Kishore Sen.

"The Board of Directors at its meeting held on June 5, 2020, based on the recommendation of the Nomination and Remuneration Committee and subject to necessary approvals of the shareholders of the Company, has approved the ... proposals for re-appointment of Directors, whose present tenures are ending on September 30, 2020," L&T said.

Naik has been re-appointed as a non-executive chairman for a period of three years with effect from October 1, 2020 and up to September 30, 2023, it said, adding Dip Kishore Sen has been reappointed as a whole-time director with effect from October 1, 2020 and up to April 7, 2023.

Under Naik's leadership, L&T overcame multiple challenges and emerged stronger with a sharper focus on profitable growth. Media surveys and peer group assessments rank him as among the world's best performing business leaders, the conglomerate said.

Joining the company as a Junior Engineer in 1965, Naik rapidly rose to positions of increasing responsibility as he moved from General Manager to Managing Director and CEO, leading to his appointment as Chairman and Managing Director on December 29, 2003. He was the Group Executive Chairman of L&T from 2012 to 2017. In October 2017, he stepped aside from executive responsibilities, and was appointed Group Chairman.

"In pursuit of the mission to transform L&T into a world-class conglomerate, Naik led a transformational process that boosted shareholder value. His leadership has seen a remarkable increase across all parameters of business performance - market capitalisation, consolidated turnover and net worth. He also spearheaded the restructuring of the conglomerate to facilitate aggressive growth across a large revenue base," the company said.

Decades back, Naik kick-started the process of indigenising the manufacture of critical equipment for the defence sector and process industries. His efforts led to L&T assuming leadership position in the design, development and manufacture of missiles and weapon systems and forged a vibrant relationship with national bodies for defence research & development and space research.

"Naik infused a global perspective to L&T's operations. This involved revamping mindsets and ensuring that virtually every critical activity is benchmarked against global standards," the company noted.

Other landmark achievements that have yielded significant value for the company and its stakeholders include the de-merger of the cement business.

He conceptualised the proposal for the L&T Employees' Trust, which has ringfenced L&T, enabling the company to retain its unique character and strengthen the employees' sense of belonging.

Naik's emphasis on human resources and the nurturing of human capital triggered major initiatives to attract, retain and groom talent. He has also been principally responsible for the use of IT as a major enabler across L&T's businesses.

Naik was also instrumental in setting up the Larsen & Toubro Public Charitable Trust, which is engaged in a wide spectrum of community development initiatives including skill training at several locations around the country.

In November 2018, the government appointed Naik chairman of the National Skill Development Corporation (NSDC) the apex-level body that charts the course for skill training of India's youth.

"In his personal capacity, Mr Naik remains deeply committed to the community. He has pledged 75 per cent of his wealth to social causes in the sectors of healthcare, education and skill development. A robust mechanism which he put in place ensures that every philanthropic initiative is continuously monitored and achieves stated targets," the company said.

Naik is the Honorary Consul General for Denmark. He was conferred the Danish Knighthood by Queen Margrethe in 2008 and a further honour, the Order of the Dannebrog - Knight First Class in 2015.

Dip Kishore Sen is Whole-time Director and Senior Executive Vice President (Infrastructure), Larsen & Toubro. He holds additional responsibilities as Chairman on the boards of L&T Infrastructure Engineering Company and L&T Oman LLC and is also a member on the board of L&T Qatar LLC.

A Civil Engineering graduate from IIT Kharagpur and a Post Graduate in Business Management from XLRI, Jamshedpur, prior to joining Larsen & Toubro, Sen worked for 12 years for a clutch of companies like Tata Steel, Jamshedpur, Development Consultants, Kolkata and was involved in a turnkey EPC Transmission line project in Malaysia.

He started his tenure at L&T in 1989 as Senior Manager (Civil & Structural Design) in EDRC Kolkata and has subsequently headed various portfolios.


Rupee slips 9 paise to 75.02 against USD
ICICI Bank to raise up to Rs 15,000 crore to bolster capital base
Gold jumps Rs 102, silver declines Rs 249
Finmin may review capital requirement of PSU banks after second quarter
I-T dept amends TDS form, makes it more comprehensive
Pak will complete CPEC at all costs, says PM Khan
COVID-19 caused huge demand destruction overseas: Bankers
Intel Capital to buy 0.39 pc stake in Jio Platforms for Rs 1,894 cr
Sensex surges over 200 pts in early trade; Nifty tops 10,600
India's trade deficit with China reduces to USD 48.66 bn in FY20
Work to begin shortly on Zojila tunnel: Gadkari
ONGC shares tank 4 pc after first-ever quarterly loss
Vodafone Idea shares plunge nearly 5 pc after FY20 earnings
Diesel price at new high as fuel prices hiked for 22nd time in just over 3 weeks
Prestige group's FY20 sales bookings flat at Rs 4,560 crore
No plans to sell non-core assets during this fiscal: PNB Chief
Petrol price up 25 paise, diesel 21 paise; rates hiked by Rs 9.12, Rs 11.01 in 3 weeks
SBI sanctions loans to over 4 lakh MSMEs under credit guarantee scheme
Money in Swiss banks: India at 77th place, accounts for just 0.06% of all foreign funds
Asian shares advance, tracking Wall Street tech rally
KERALA NEWS
Kerala reports biggest daily spike of 339 infections,COVID-19 tally crosses 6,500 mark
 Thiruvananthapuram: With COVID19 cases continuing to spiral, Kerala on Thursday recorded the biggest  
Kerala reports 272 fresh cases; 68 infected through contact
Will take appropriate decision at appropriate time:Jose K Mani
Kerala reports 131 new COVID cases, 75 recoveries, 2,112 patients under treatment
INTERNATIONAL NEWS
Missing Mayor found dead in north Seoul
 Seoul: The Mayor of this South Korean capital was found dead at Bugaksan mountain here on Thursday,
Heavy rain hits scenic central Japan, more damage in south
Trump threatens to cut federal aid if schools don't reopen
Pak PM urges world community to share info on COVID-19 strategies as tally rises to 239,225
NATIONAL NEWS
Bikru bloodbath mastermind Vikas Dubey nabbed in MP town
 Ujjain: History-sheeter Vikas Dubey ? the prime accused for whom Uttar Pradesh Police had launched a
Enhancing global cooperation need of the hour to effectively tackle COVID-19: Prez
Kanpur encounter: 2 policemen held for 'tipping off' gangster Vikas Dubey about police action
CBSE should explain rationale behind dropping certain chapters from curriculum: Sisodia
Untitled Page
Rashtra Deepika LTD
Copyright @ 2020 , Rashtra Deepika Ltd.