Vodafone Idea’s current chief executive and managing director of the company Ravinder Takkar will continue to serve on the board of directors of the company.
Telecom company Vodafone Idea on Friday announced the appointment of its current Chief Financial Officer Akshay Moondra to its chief executive officer effective on August 19th, the company stated in an regulatory document.
The company’s chief executive officer and managing director officers Ravinder Takkar will continue to serve in the company’s board directors of the firm as an executive non-independent director after the end of his term, the company’s filing stated.
“The board of the company following the recommendations of the committee on nomination and remuneration elected Akshaya Moondra, head of finance for the company, to be head of executive management of the business for three years, beginning on the 19th of August,” it added. Takkar was appointed as the MD as well as CEO at Vodafone Idea in the 19th of August, 2019 for a period of three years, which was set to expire on August 18.
Takkar is currently serving as the managing director and chief executive officer with no pay or remuneration.
The company was only responsible for the costs paid by Takkar for the operations and operations.
The company is expected to announce the new CFO in the near future as per the filing.
Vodafone Idea (VIL) said Takkar is a well-established global executive who has spent more than three decades working for the Vodafone Group, and will remain with the Vodafone Group. VIL assigned Takkar the responsibility of raising funds and advancing the business after the merger between Vodafone India and Idea Cellular.
Takkar has successfully concluded the rights issue of Rs 25,000 crore in April of this year but Takkar was unable to obtain additional funds that the board has approved at least a few times.
VIL board has also recommended the issuing of warrants that convert into a similar amount of equity shares an affiliate of the promoter Vodafone at the price of Rs. 10.20 per Warrant, adding up to the amount of Rs. 436.21 crore.
“Warrants are able to be exercised any point and within one year from the day of allotment for warrants” VIL said in the application.