Naveen Jindal to assume role as non-exec director on JSPL board

livemint.com:

New Delhi Naveen Jindal, the chairman of Jindal Steel & Power (JSPL), will be re-designated as a non-executive chairman, with effect from 1 October 2023, the company said in an exchange filing here on Monday. Jindal is currently acting as an executive director, designated as chairman, which is due to end on 31 September 2023, as per the exchange filing of the steel manufacturer.

“We wish to inform that the term of appointment of Mr Naveen Jindal as Executive Director, designated as Chairman, is due to end on September 30, 2023. Mr Naveen Jindal has chosen to continue on the Board in the capacity of Non-Executive Chairman, with effect from October 1, 2023," the company said.

“Accordingly, Mr Naveen Jindal will be re-designated as Non-Executive Director of the Board, with effect from October 1, 2023." In his new role, Jindal would not be entitled to draw remuneration from the company, except for sitting fee for attending the meetings of the Board and its Committees; and compensation, if any, to be paid to non-executive directors, from time to time, the company added in the filing. “Naveen Jindal will continue to guide the company to shape its vision of being an ever-flourishing company focused on nation building, value creation and sustainable development," it added.