Kalyan Jewellers appoints former CAG Vinod Rai as Chairman

28 Mar 2022 , 02:46 PM

Kalyan Jewellers India Limited, one of India’s largest jewellery companies on Monday has announced board approval for the appointment of Vinod Rai as the Chairman and Independent Non-executive Director on the Board of the Company. The appointment will be subject to obtaining requisite regulatory and shareholders’ approvals. TS Kalyanaraman will continue as Managing Director on the Company’s board.

At around 2:49 PM, Kalyan Jewellers India was trading at Rs59.20 apiece down by Rs0.35 or 0.59% on the BSE.

Vinod Rai was the Former Comptroller and Auditor General of India and the former Chair of the United Nations Panel of External Auditors. Rai has held various positions within the Indian government as well as in state governments and has been instrumental in a wide variety of reforms in India, including as Chairman of the Banks Board Bureau, a body set up by the Indian government to reform public banking in India.

Rai was awarded the Padma Bhushan, India’s third highest civilian award, in recognition of his services to the country. He has Masters degrees both in Economics as well as Public Administration from Delhi School of Economics, University of Delhi and the Harvard Kennedy School, Harvard University, USA, respectively.

Rai said: “It is a privilege for me to be associated with Kalyan Jewellers, a company which has built the highest levels of trust amongst its stakeholders, conducts its business in an ethical and transparent manner and upholds the standards of good corporate governance. Kalyan Jewellers has a well-recognized brand, pan-India footprint and a strong management team at the helm of the business. The Kalyanaraman family, with its deep commitment to customer transparency and enlightenment, has been at the forefront of transforming the jewellery retailing sector in India. I eagerly look forward to my association with Kalyan.”

TS Kalyanaraman said: “We are delighted to welcome Vinod Rai to Kalyan Jewellers as an Independent Chairman of our board. Kalyan Jewellers has always been committed to trust, transparency and upholding the highest standards of corporate governance, and this event is a natural step in the evolution of our company along that journey. Rai brings a tremendous breadth and depth of experience and we are looking forward to him adding further to the diverse experience we already have on our board today”.

As Chairman, Vinod Rai’s appointment would make him the 8th non-executive director on the Board, joining Salil Nair (Former CEO, Shoppers Stop), Anil Nair (Former CEO, L&K Saatchi & Saatchi India), Kishori Udeshi (Former Deputy Governor of the RBI), Anish Saraf (MD, Warburg Pincus India Private Limited), T.S. Anantharaman (Former Chairman, Catholic Syrian Bank), Mahalingam Ramaswamy (Former MD, State Bank of Travancore) and Agnihotra Dakshina Murty Chavali (Former ED of Indian Overseas Bank).