Vedanta appoints former SEBI chairman UK Sinha as independent director

Prior to SEBI, UK Sinha was chairman and MD at UTI Asset Management Company, and has also worked for Department of Economic Affairs (DEA), ministry of finance.

Metals and mining giant Vedanta said on Tuesday it has appointed former SEBI chairman UK Sinha as an independent director on the company’s board.

Sinha, who served as chairman of Securities and Exchange Board of India (SEBI) from February 2011 to March 1, 2017, has been instrumental in bringing about key capital market reforms, Vedanta said in a statement. (Shankar Mourya/HT Photo)

“The appointment of U K Sinha as an additional non-executive independent director on the board for a fixed term from March 13, 2018 till August 10, 2021 (on recommendation of nomination and renumeration committee) to hold office till the ensuing AGM of the company,” Vedanta said in a filing to BSE.

Sinha, who served as chairman of Securities and Exchange Board of India (SEBI) from February 2011 to March 1, 2017, has been instrumental in bringing about key capital market reforms, the company said in a statement.

Under his leadership, SEBI introduced significant regulatory amendments to various Acts enhancing corporate governance and disclosure norms, it said.

Prior to SEBI, he was chairman and MD of UTI Asset Management Company and has also worked for Department of Economic Affairs, Ministry of Finance.

Sinha said: “In the current environment, with greater emphasis on disclosure and governance for corporate India, I am glad to contribute to Vedanta achieving greater levels in its corporate governance practices.”

Meanwhile, the company also approved first interim dividend of Rs 21.20 per equity share on face value of Re 1 per equity share for financial year 2017-18.