Trident's Founder -; Chairman Rajinder Gupta steps down from board; stock tumbles ~5%

10 Aug 2022 , 12:53 PM

Trident Limited announced that its Founder and Chairman has informed the Board of his intention to step down as Director and Non-Executive Chairman of the Company due to ongoing health issues and family obligations.

Honoring Rajinder Gupta's request to relieve him of his duties as Chairman of Trident Limited, the board praised the founder's unparalleled contribution to building the company and praised his decision to prioritize health care and family commitments.

The Board and the Nomination and Remuneration Committee approved the broadening and restructuring of the Company's Board of Directors by inducting two Independent Directors, one Non-Independent Director, and five divisional Professional Managing Directors apart from the existing Directors.

This strategic move will accelerate the Company's growth momentum, putting it on an upward trajectory and adding value and growth for shareholders.

The board has further approved the appointment of Rajeev Ahuja, and Raj Kamal as Independent Directors. While Swapan Nath, and Kamal Gaba have been appointed as Managing Director — Bed Linen Business. Further, Kavish Dhanda as Managing Director — Yarn Business. Naveet Jindal has been appointed as Managing Director of Paper, Chemicals, and Energy Business.

Also, Pardeep Kumar Markanday is appointed as Managing Director of Growth and Projects.

The company appointed Kapil Ghorse as Non-Executive Non-Independent Director.

Trident was trading at Rs37.90 down by 4.65% from its previous closing of Rs39.75 on the BSE. The scrip touched intraday high and low of Rs38.40 and Rs34.95 respectively.