CG Power and Industrial Solutions' board okays liquidation of CG Sales Network Malaysia

CG Power and Industrial Solutions on Thursday said its board has approved a proposal to liquidate its step down subsidiary CG Sales Network Malaysia Sdn Bhd, Malaysia. "Board of Directors of the Company, at its meeting held today i.e. March 25, 2021 have approved the proposal for voluntary liquidation of its step down subsidiary CG Sales Network Malaysia Sdn. Bhd, Malaysia, subject to statutory and regulatory approvals," it said in a BSE filing.

In another regulatory filing, it said the board has approved the appointment of P Varadarajan as company secretary and compliance officer and key managerial personnel of the company from April 1, 2021.

It said its company secretary K R Viswanarayan has resigned effective from close of business hours on March 31, 2021.

The board has also decided to revise the tenure of independent directors to five years or 70 years of age, whichever is earlier, in order to align it with the policies of its holding company Tube Investments of India Limited.

P Varadarajan is a commerce graduate and a qualified company secretary. He holds a Bachelor's degree in law and a certificate in Business Leadership Program conducted by Murugappa Group in association with IIM Bangalore.

Varadarajan has over 30 years of experience in secretarial, compliance and legal functions with various companies, including Coromandel International Limited, Godavari Fertilisers and Chemicals Ltd, Amara Raja Batteries Ltd, Nagarjuna Agrichem Ltd and Carborundum Universal Ltd, it added.