Carborundum Universal Announces Key Board Changes Under Murugappa Group
Carborundum Universal announced that Mr Sriram Viji and Mrs Usha Rajeev will act as Independent Directors and Mr Muthu Murugappan as a Non-Executive Non-Independent Director from 1st August 2024
by Damodharan N
Updated Jun 25, 2024
In a pivotal move for Carborundum Universal Limited, part of the Murugappa Group, the Board of Directors has announced significant changes in its composition during the meeting held on 24th June 2024. Independent Directors Mr. Sanjay Jayavarthanavelu, Mr. Aroon Raman, and Mrs. Soundara Kumar will retire upon the conclusion of their terms on 31st July 2024 and 2nd August 2024, respectively.
Simultaneously, the Board has recommended the appointment of Mr. Sriram Viji and Mrs. Usha Rajeev as Independent Directors and Mr. Muthu Murugappan as a Non-Executive Non-Independent Director, effective from 1st August 2024, pending shareholder approval at the upcoming 70th Annual General Meeting on 30th July 2024.
This strategic reshuffling aims to bolster the company’s governance and steer it towards future growth. Investors and shareholders are advised to note these changes as they reflect the company's commitment to strengthening its leadership and governance frameworks under the Murugappa Group's robust oversight.
Read the full announcement Here
About CUMI
Carborundum Universal Limited (CUMI), founded in 1954, is a leading provider of materials sciences engineering solutions. Part of the 120-year-old Murugappa Group, CUMI is listed on both the NSE and BSE.CUMI's operations span from mining to power generation, manufacturing, marketing, and distribution.
The company employs over 5,500 people worldwide, delivering high-quality materials and services in abrasives, electrominerals, ceramics, refractories, and energy storage materials to various industries, including engineering, automotive, infrastructure, steel, glass, power, mining, and aerospace.
CUMI was originally established as a joint venture between Carborundum of the USA, Universal Grinding Wheel of the UK, and India's Murugappa Group. With a global presence across six continents, CUMI exports its products to more than 50 countries.
The company’s extensive experience and innovation in materials sciences have enabled it to serve a diverse range of industries, making it a key player in its field.
Carborundum Universal Announces Key Board Changes Under Murugappa Group - FAQs
1. What company is announcing board changes?
The company is announcing board changes is Carborundum Universal Limited (CUMI).
2. Which group is CUMI part of?
CUMI is part of Murugappa Group.
3. When was the board meeting held?
The board meeting was held on 24th June 2024.
4. Which Independent Directors are retiring?
Mr. Sanjay Jayavarthanavelu, Mr. Aroon Raman, and Mrs. Soundara Kumar.
5. When are the retiring directors’ terms ending?
the retiring directors’ terms end on 31st July 2024 and 2nd August 2024. respectively
6. Who are the new Independent Directors?
The new Independent Directors are Mr. Sriram Viji and Mrs. Usha Rajeev
7. Who is the new Non-Executive Non-Independent Director?
The new Non-Executive Non-Independent Director Mr. Muthu Murugappan.
8. When will the new appointments be effective?
The new appointments be effective from 1st August 2024
9. When will the shareholder approval be sought?
The shareholder approval will be on 70th Annual General Meeting on 30th July 2024.
10. Why are these changes being made?
These changes being made to strengthen leadership and governance frameworks.