IDFC Limited has announced that its board of directors has approved the appointment of Mahendra N Shah as the managing director (MD), effective October 1, 2022 for 1 year till September 30, 2023.
It is subject to the approval of the shareholders of the Company and other applicable statutory/ regulatory approvals, IDFC Limited said.
He will replace Sunil Kakar, Managing Director, and CEO of the Company whose tenure will end at the close of business hours on September 30, 2022.
The company said in a regulatory filing to the stock exchanges, Based on the recommendation of the Nomination and Remuneration Committee, the Board of Directors of IDFC Limited at its meeting held has inter alia considered and approved the appointment of Mahendra N Shah as Managing Director-Designate of the Company with immediate effect.
Sunil Kakar is the Company Secretary & Compliance Officer of IDFC Limited since May 24, 2019. He was the group company secretary & group chief compliance officer of IDFC First Bank and has been the group head – of governance, compliance & secretarial, and senior advisor of taxation at IDFC for more than a decade.
Prior to joining IDFC in 2001, Shah worked with International Paper Limited for a period of six years as director of finance and company secretary where he was in charge of the finance function and regulatory compliances.
The company is a financial services company in India and it advances infrastructure development in the country.
