Last checked at 13 Mar 2019 07:29
AXIS/CO/CS/995/2018-19
12th March 2019
Dear Sir(s),
SUB.: Appointment Of Shri Rakesh Makhija As The Non Executive (Part-Time) Chairman Of Axis Bank Limited (The Bank).
REF: REGULATION 30 OF THE SEBI (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2015.
The existing term of Dr. Sanjiv Misra, Non-Executive (Part-time) Chairman of the Bank will expire with effect from the close of business hours on 17th July 2019.
Accordingly, pursuant to the authority vested by Article 90 of the Articles of Association of the Bank and pursuant to the recommendations of the Nomination & Remuneration Committee of Directors, the Board of Directors of the Bank at its meeting held today, approved the appointment of Shri Rakesh Makhija (DIN: 00117692), Independent Director as the Non-Executive (Part-time) Chairman of the Bank, for a period of 3 years, with effect from 18th July 2019 upto 17th July 2022 (both days inclusive) and the terms and conditions relating to the said appointment, including remuneration, in terms of Section 35B of the Banking Regulation Act, 1949, subject to the approval of the Reserve Bank of India and the Shareholders of the Bank.
The brief profile of Shri Rakesh Makhija is enclosed herewith as Annexure A.
Further, please note that Shri Rakesh Makhija is not related to any other Director or Key Managerial Personnel of the Bank.
We affirm that Shri Rakesh Makhija is not debarred from holding the office of Director by virtue of any order of the Securities and Exchange Board of India or any other Regulatory/Statutory Authority.
You are requested to take note of the above and arrange to bring it to the notice of all concerned.
Thanking You.
Yours Sincerely,
For Axis Bank Limited
Girish V. Koliyote
Company Secretary
Encl: as above
Annexure A
Shri Rakesh Makhija
Shri Rakesh Makhija, aged 67 years is an Engineer from the Indian Institute of Technology, New Delhi.
Shri Rakesh Makhija is an Independent Director on the Board of Axis Bank Ltd since 27th October 2015. Shri Makhija is the Chairman of the Nomination and Remuneration Committee, member of the Audit Committee, Acquisitions, Divestments and Mergers Committee and the Special Committee of the Board for monitoring of Large Value Frauds of the Bank.
Shri Rakesh Makhija is also Chairman of SKF India Ltd and a Director on the Board of Tata Technologies Ltd., Tata Marcopolo Motors Ltd. and A.TREDS Ltd.
During his career spanning over four decades, Shri Makhija has been an active contributor to the Industrial and Technology sectors, both internationally and in India. Shri Makhija has held a number of top management positions within the SKF Group. He was the President for the Industrial Market (Strategic Industries) and a member of the Group Executive Committee, based in Gothenburg, Sweden. Prior to this, he was President of SKF Asia with overall responsibility for China and India based in Shanghai. He was the Managing Director of SKF India from 2002 till 2009. He was recipient of the prestigious 'CNBC Business Leader Award for Talent Management' in 2007.
Prior to joining SKF, Shri Makhija was the CEO and Managing Director of Tata Honeywell Ltd. He was subsequently appointed as the Country Manager and Managing Director of Honeywell International, with responsibilities for company's business in South Asia. Prior to Honeywell, Shri Makhija worked with Kinetics Technology International BV (now Technip), a process engineering and contracting company in the Netherlands for over eight years.