Navin Fluorine International's Managing Director Radhesh R. Welling has tendered his resignation as the Managing Director and a Director on the Board of the Company for personal reasons on Thursday, the company announced through an exchange filing.
His resignation was accepted by the Board of Directors at its Meeting on Thursday, September 28.
Welling will be relieved from the services of the Company effective from the close of business hours on December 15, 2023. He shall continue to serve the Company to facilitate a smooth transition. The Company will induct a senior professional to head the organization as Managing Director in due course of time. Vishad P. Mafatlal, Executive Chairman, shall steer the operations of the Company and will be ably assisted by the leadership team, the company said in the regulatory fillings.
The Board places on record its sincere appreciation for the contribution made by Welling during his tenure with the Company and wishes him the very best in his future endeavours, said in the filings.
Appointment of Sudhir R. Deo as an Additional Director of the Company
The Board of Directors of the company, at its Meeting held on Thursday, also approved the appointment of Sudhir R. Deo as an Additional Director of the Company with effect from September 28, 2023, pursuant to the recommendation of the Nomination and Remuneration Committee.
Deo is also appointed as Non-Executive Non-Independent Director of the Company liable to retire by rotation, subject to approval of the shareholders of the Company. Deo is not related to any Director of the Company. Further, in accordance with the circular issued by National Stock Exchange of India Limited and BSE Limited dated June 20, 2018, it is confirmed that Deo is not debarred from holding the office of Director by virtue of any order of the SEBI or any other such authority, the company said in the exchange filings.
Navin Fluorine International shares
The shares of Navin Fluorine International on Friday at 9:48 am IST were at Rs 3,768.40 down by 13.52 percent.