Pramit Jhaveri joins Larsen -; Toubro's Board; stock skids ~1%

25 Mar 2022 , 11:33 AM

Larsen & Toubro Limited’s (L&T) board has approved the appointment of Mr. Pramit Jhaveri as an Independent Director of the Company for five years effective from April 1, 2022.

Jhaveri will assume the office of Mr. Subodh Bhargava who will complete his tenure on March 29, 2022.

The company further stated in its filing, “We further confirm that Mr. Jhaveri is not debarred from holding the office of Director by virtue of any SEBI order or any other such authority and he is not inter-se related with any of the other directors of the Company.”

Pramit presently acts as the advisor and mentor to corporates, start-ups, and family offices. He acts as a Senior Advisor to Premji Invest and PJT Partners. He is also an independent director on the Board of Bajaj Finance Limited.

Pramit holds a distinguished career in banking of 32 years and retired from Citibank as Chief Executive Officer in November 2019. He currently serves as a Trustee on the Board of several philanthropic, nonprofit entities in India.

Pramit has a Bachelor of Commerce degree from Sydenham College, Mumbai University, and an MBA from the Simon School of Business, University of Rochester. He is an avid tennis player, a keen follower of cricket and soccer, and a long-standing collector of Indian contemporary art.

Larsen & Toubro is currently trading at Rs1,759.80 down by Rs11.25 or 0.64% from its previous closing of Rs1,771.05 on the BSE. The scrip opened at Rs1,775 and has touched an intraday high and low of Rs1,775.55 and Rs1,753 respectively.