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Piramal Enterprises Ltd (PIRA.NS)

PIRA.NS on National Stock Exchange of India

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27 May 2020
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Summary

Name Age Since Current Position

Ajay Piramal

64 Executive Chairman of the Board

Vivek Valsaraj

2019 President, Chief Financial Officer

Swati Piramal

63 2013 Vice Chairman of the Board

Peter DeYoung

Chief Executive Officer - Piramal Critical Care

Jonathan Sandler

2019 Chief Executive Officer - Healthcare Insights & Analytics

Vivek Sharma

Chief Executive Officer - Pharma Solutions

Bipin Singh

51 2019 Company Secretary, Compliance Officer

Khushru Jijina

2018 Managing Director - Piramal Capital & Housing Finance

Shantanu Nalavadi

2017 Managing Director - Distressed Asset Fund

Nandini Piramal

39 2009 Executive Director

Vijay Shah

55 2016 Executive Director

Anand Piramal

2017 Non-Executive Director

Gautam Banerjee

65 2013 Non-Executive Independent Director

Arundhati Bhattacharya

63 2018 Non-Executive Independent Director

Keki Dadiseth

74 2005 Non-Executive Independent Director

Raghunath Mashelkar

76 2011 Non-Executive Independent Director

Goverdhan Mehta

76 2011 Non-Executive Independent Director

Siddharth Mehta

61 2013 Non-Executive Independent Director

Subramaniam Ramadorai

75 2002 Non-Executive Independent Director

Deepak Satwalekar

71 2002 Non-Executive Independent Director

Narayanan Vaghul

83 1997 Non-Executive Independent Director

Biographies

Name Description

Ajay Piramal

Mr. Ajay G. Piramal serves as Executive Chairman of the Board of the Company. He is one of India’s leading industrialists, philanthropists and social entrepreneurs. He is the Chairman of Piramal Group, with activities in healthcare, financial services, real estate, information services, glass packaging, etc. Apart from India, the Group has set-ups in the US, UK, European Union, Japan, Pacific and South Asia, with its products being sold in more than 100 countries. He is also the Chairman of Shriram Capital, the holding Company for Financial Services and Insurance entities of Shriram Group. The Group is involved in various Corporate Social Responsibility (CSR) activities in the space of primary education, potable water supply, leadership development, empowerment of women in rural India, rural healthcare and provision of mid-day meals to school children, etc. The Piramal Foundation has received the prestigious ‘Corporate Trailblazer Award’, launched by the India Today Group (Safaigiri Awards 2015 as a part of the national campaign called Clean India Mission). The award was presented by the Hon’ble Prime Minister of India, Mr. Narendra Modi. This award was given in recognition of the excellent work being done by Piramal Sarvajal in the social entrepreneurship space. He holds B. Sc (Hons) from Bombay University; Master in Management Studies from Jamnalal Bajaj Institute of Management Studies; Advanced Management Programme from Harvard. Mr. Piramal has been conferred with an Honorary Doctorate Degree in Philosophy (D. Phil) by Amity University, India.

Vivek Valsaraj

Mr. Vivek Valsaraj serves as President, Chief Financial Officer of the Company. He has over 20 years of overall experience in the field of finance. He has been associated with the Piramal Group for over 18 years and currently oversees the entire Finance & Shared Services function for Piramal Enterprises. In his earlier stints within the group he has been associated with roles in Corporate, the erstwhile Domestic Formulations business and has been the CFO for the Pharma business. He has extensive experience in the areas of Corporate Finance, Business strategy, mergers and acquisitions, corporate structuring, corporate governance and taxation. Over the last several years he has been closely associated with the Pharma business and has actively participated in the affairs of these businesses including key acquisitions and divestments. He has also been responsible for executing systems and processes and internal controls to bring in financial discipline. He is a qualified CMA and has been with the Piramal Group for over 17 years in various roles & has had prior stints with companies like Wockhardt Ltd. and Bharat Bijlee Ltd.

Swati Piramal

Dr. Swati A. Piramal serves as Vice Chairman of the Board of Piramal Enterprises Limited. She is the Vice Chairperson of Piramal Enterprises Limited and a Whole-time Director. She is one of India’s leading scientists and industrialists, and is involved in public health and innovation. She earned her medical degree from Mumbai University and completed her Master’s in Public Health from the Harvard School of Public Health. She has used her background in medicine, public health and business to change the trajectory of healthcare, education, and public policy in India. Dr. Piramal is a member of the Harvard Board of Overseers and Dean’s Advisor to Harvard Business School & Public Health. In addition to her other commitments, Dr. Piramal is deeply committed to Corporate Social Responsibilities activities. She is involved in projects across healthcare, education, livelihood creation and youth empowerment. She aims to resolve issues that are critical roadblocks towards unlocking India’s economic potential by finding innovative solutions. She also looks at avenues for promoting health in rural India with mobile health services, women’s empowerment projects and supporting community education that create young leaders. As the first woman president of India’s Apex Chamber of Commerce in 90 years, she helped influence important public policies and governance. She served as an adviser to the Indian Prime Minister in science, technology and economic policy (2006-2014). Dr. Piramal is a leader who makes a positive difference to the community and the world. Her contributions in innovations, new medicines and public health services have touched thousands of lives.

Peter DeYoung

Mr. Peter DeYoung serves as Chief Executive Officer - Piramal Critical Care of the company. He is the CEO of Piramal Critical Care. He is a member of the Piramal Pharma Operating Board and also a member of the Board of Piramal Imaging SA. Prior to joining Piramal, he worked in a range of investing and consulting roles in healthcare in the US, Europe and India. He joined McKinsey & Company in New York after graduating from Princeton, where he worked on a number of projects for pharmaceutical and medical device companies. He was then seconded by McKinsey to the World Economic Forum in Geneva, Switzerland as a Project Manager for the Global Health Initiative, where he implemented an HIV/AIDS, TB and malaria advocacy strategy focused on boosting private sector programmes in South East Asia and Africa. He then returned to McKinsey as an Engagement Manager in New York and later in Mumbai, where he focused on the pharmaceutical and healthcare practice. He helped clients address a range of strategic, organisational, and operational challenges. He then went on to join the Blackstone’s Private Equity Group in Mumbai. He was on the deal team for several significant transactions across a variety of industry sectors in India. He completed his Bachelors of Science in Engineering from Princeton University, New Jersey, USA (summa cum laude, phi beta kappa, tau beta pi) and his Masters of Business Administration at Stanford University (Arjay Miller Scholar), California, USA.

Jonathan Sandler

Mr. Jonathan M. Sandler serves as Chief Executive Officer - Healthcare Insights & Analytics of the Company. He is the CEO of Decision Resources Group (DRG), Piramal’s Health Care Information subsidiary. DRG offers high-value data, analytics and insights products and services to the global healthcare industry. Mr. Sandler, who joined Piramal in 2011, also serves as Managing Director of IndUS Growth Partners, Piramal’s North American strategic investment affiliate. Prior to joining Piramal, he spent 17 years at the Kessler Group, a financial services boutique, where he served as Vice Chairman, Group CFO, founding CEO of Kessler International and founding CEO of Kessler Capital. In these roles, Mr. Sandler was responsible for driving the company’s growth, diversification, global expansion, operating effectiveness and profit expansion. He began his career as an investment banker at Bankers Trust Company in New York and then as a strategy consultant with the MAC Group in Cambridge. He received a BA and MBA from Harvard University. He is on the Board of Piramal Imaging and Bluebird Aerosystems. Besides, he is a Trustee of Combined Jewish Philanthropies.

Vivek Sharma

Mr. Vivek Sharma is Chief Executive Officer - Pharma Solutions of the company. He is currently serves as the CEO of Piramal Pharma Solutions (PPS), a global leader in providing Contract Research, Development and Manufacturing services towards the life sciences industry. PPS offers integrated solutions from discovery through development and commercialisation, with research and manufacturing facilities in North America, Europe, and Asia. Under his leadership, PPS has been voted ‘global top 10% CMO’ for 2014 and 2015. He started his stint in the Piramal Group by heading the Piramal Critical Care (PCC) business and was instrumental in improving profitability and establishing it as the third largest and the fastest growing Inhalation Anesthetics company globally. Prior to Piramal, Mr. Sharma was Managing Director at THL Partners, a Boston based global private equity fund, and has held senior leadership positions in Finance and Operations at AMD and Motorola. He was recently awarded the ‘CEO Of The Year’ at CPhi 2015 and has been listed among ‘the top 100 finance professionals in the United States’. He is based out of Boston and is a Chartered Accountant from India. Besides, he is a qualified CPA, and holds a Masters in International Business from Thunderbird School of Management.

Bipin Singh

Mr. Bipin Singh is Company Secretary, Compliance Officer of the Company. He is an Associate Member of the Institute of Company Secretaries of India and a Commerce as well as a law graduate. He has over 29 years of experience in corporate secretarial, legal, finance and managerial functions.

Khushru Jijina

Mr. Khushru Jijina serves as Managing Director - Piramal Capital & Housing Finance of the Company. A Chartered Accountant with an illustrious career spanning well over three decades in the field of real estate, corporate finance and treasury management, Mr. Jijina has been with the Piramal Group for close to 19 years. He currently spearheads Piramal Capital & Housing Finance Ltd.(PCHF), the financial services arm of Piramal Enterprises Ltd. Under his leadership, PCHF has grown rapidly and provides both wholesale and retail funding opportunities across sectors. Mr. Jijina has been recognized with several leadership accolades namely Asia One: Global India 2017, Business Leader of the Year: Global Real Estate Congress 2017, Visionary in Real Estate Financing: NDTV Property Awards 2017, Entrepreneur of the Year in the financial services industry by Asia Pacific Entrepreneurship Awards (APEA) in 2017, CXO of the year: Realty Plus 2018, CEO of the Year: 8th EPC World Awards and the Extraordinare Game Changer Awards 2019: Brand Vision. Prior to this, Mr. Jijina was the Managing Director of Piramal Realty where he was responsible for a portfolio of real estate development projects and oversaw all aspects of their execution. He was also the Executive Director of Piramal Sunteck Realty. He joined the Piramal Group in 2001 as Vice President, Treasury, and was instrumental in securing debt at the lowest cost for the group, setting new benchmarks in the debt market. Mr. Jijina started his career with Rallis, a TATA Group company, where over a span of more than a decade, he held several pivotal positions in corporate finance and treasury.

Shantanu Nalavadi

Mr. Shantanu Nalavadi is Managing Director - Distressed Asset Fund of the company. Mr. Shantanu Nalavadi carries with him more than two decades of experience in financial services, banking and corporate finance. Prior to joining the Fund, he was co-head of the structured investment group with Piramal Enterprises Ltd., with over US$ 350 million in assets under management and before that he was a Partner with New Silk Route Advisors Pvt. Ltd., a Private Equity Fund with over US$ 850 million in assets under management. Mr. Nalavadi brings with him the experience of investing, creating value and monetising investments across several sectors, including financial services, consumer products, infrastructure, cement, media, logistics and manufacturing. In creating value for his portfolio companies, he actively participated in partnering with managements for operational improvements, competitive marketing positioning and sustainable expansion. His prior work experience includes long working tenors with global multinationals such as ANZ Grindlays Bank, Star TV and Walt Disney with P/L and business development responsibilities. He articled with Arthur Andersen, India, before qualifying as a Chartered Accountant in 1993.

Nandini Piramal

Ms. Nandini Piramal is Executive Director of Piramal Enterprises Limited. She leads the Over-The-Counter (OTC) business of the Company. She heads the Human Resources function at Piramal Group and the Quality & Risk functions at Piramal Enterprises. Over the last five years, under Nandini’s leadership, the Company’s OTC segment has become one of the fastest-growing Indian OTC businesses. All our brands are either no.1 or no.2 in their respective categories. She has played a pivotal role in Piramal Healthcare’s branded generic-medicine business sale to Abbott Laboratories at a record 30x EBITDA. She has recently initiated an HR transformation strategy, with renewed focus on service delivery, customer centricity and operational excellence. This is a five-year restructuring programme, SEEDS, to build and develop the existing talent and to attract new talent. In 2014, the World Economic Forum recognised Nandini as a ‘Young Global Leader’. Nandini is passionately involved with Piramal Foundation, the philanthropic arm of Piramal Group. She directs implementation strategy across Piramal Foundation Education Leadership programmes, Piramal Sarvajal and Piramal Swasthya. She graduated with BA (Hons) Politics, Philosophy, and Economics from Oxford University, followed by an MBA from Stanford Graduate School of Business.

Vijay Shah

Mr. Vijay Shah is Executive Director of Piramal Enterprises Limited. He is an Executive Director on the Board of Piramal Enterprises and the Director of Piramal Glass. Mr. Shah has been associated with the Piramal Group for 28 years. Over the Group’s history, he has successfully spearheaded many businesses and companies. Mr. Shah joined the Piramal Group in 1988. He initiated the Strategic Planning function in Piramal Enterprises. He took over as Managing Director of Gujarat Glass Limited in September, 1992. The Company became a dominant player in the Indian Pharma packaging market with 40% market share and commanded a premium pricing. With the success of building a business and turning around a loss-making company, Mr. Shah was put in charge of a completely diverse business of Pharmaceutical Formulations in India. He then took over as the Executive Director and Chief Operating Officer of Piramal Healthcare in 2000. During the period, the Company moved from rank 23 to rank 4 in Indian Pharma Industry with several acquisitions, and created the largest field-force in Indian pharmaceutical market with 3,500 people, spanning across 10 divisions and four businesses. He was involved in a number of acquisitions and handled post-acquisition integration, along with heading the healthcare vertical, which included Pharma Solutions and Critical Care businesses. In October 2005, Mr. Shah aided the acquisition of the loss-making Glass Group’s Cosmetic and Perfumery business in USA and then he once again took charge of Piramal Glass Limited as its Managing Director and successfully turned around a bankrupt company in the US acquisition, despite the recessionary trend. With effect from 1st January, 2012, Mr. Shah took charge as Executive Director & Chief Operating Officer of Piramal Enterprises Limited, in charge of Pharma Solutions and Critical Care. In January 2014, he was appointed as the Chairman of the Pharma Operations Board of Piramal Enterprises Limited.

Anand Piramal

Mr. Anand Piramal is an Non-Executive Director of the Company. Mr. Piramal founded Piramal Realty in 2012. Piramal Realty aspires to be one of India’s most admired developers and has acquired a land bank of over 10 mn square feet in Worli, Byculla, Kurla, Thane and Mulund. The Company seeks to set a new benchmark of design, quality and customer centricity in our country. In 2015, Warburg Pincus and Goldman Sachs committed to invest US$434 million for an entity level stake in the Company. Prior to his stint at Piramal Realty, Anand founded a rural healthcare start-up called ‘Piramal eSwasthya’. At eSwasthya, he spearheaded the acquisition of HMRI (Health Management Research Institute). Today, the merged entity, ‘Piramal Swasthya’, is India’s largest private primary healthcare initiative, with 3,500 employees, 450 doctors, serving 70,000 patients daily, across 11 states through its health hotlines, mobile medical units and telemedicine centres. In 2015, it won the ‘Times Social Impact’ Award and in 2013 the Forbes Philanthropy Award. A Harvard Business School case study written about the initiative ‘Piramal e Swasthya: Attempting Big Changes for Small Places’ is taught at many leading academic institutions such as Harvard and IIM. Mr. Piramal graduated in Economics from the University of Pennsylvania, and earned an MBA from Harvard Business School in 2011. He is the youngest President of the Youth Wing of the 100-year-old Indian Merchant Chambers.

Gautam Banerjee

Mr. Gautam Banerjee is Non-Executive Independent Director of Piramal Enterprises Limited. He is a Senior Managing Director and Co-chairman of the Blackstone Asia Operating Committee. He is also the Chairman of Blackstone Singapore. Mr. Banerjee’s non-executive corporate roles outside of Blackstone include serving as an Independent Director of Singapore Airlines, GIC (Singapore’s Sovereign Wealth Fund), The Indian Hotels Company and Piramal Enterprises. He also serves as a Vice Chairman of the Singapore Business Federation, Member of the Singapore Legal Service Commission and Chairman of raiSE, the Centre for Social Enterprise in Singapore. His other roles in the ‘not for profit sector’ include being a term trustee of SINDA and a member of the governing Board of Yale NUS College. Previously, Mr. Banerjee served as Executive Chairman of PricewaterhouseCoopers (PwC) Singapore for nine years until his retirement in December 2012. He spent over 30 years with the firm in various leadership roles in Singapore, India and East Asia. His previous non-executive appointments included serving as a member of the Economic Development Board and the National Heritage Board. He is a fellow of the Institute of Chartered Accountants in England and Wales, the Institute of Singapore Chartered Accountants and the Singapore Institute of Directors. He graduated with a Bachelor of Science (Honours) degree from Warwick University in 1977 and was awarded an Honorary Doctor of Laws (LLD) by the same University in 2014. He was a Nominated Member of Parliament in Singapore from 2007 to 2009 and a member of the Singapore Economic Strategies Committee (2009/2010). He was awarded the Public Service Medal by the Singapore Government in 2014.

Arundhati Bhattacharya

Smt. Arundhati Bhattacharya is Non-Executive Independent Director of the Company. Ms. Arundhati Bhattacharya has 40 years of rich experience in India's financial sector working across varied roles and diverse national & international locations. During her four years tenure as the first-ever ,-voman Chair of State Bank of India. a Fortune 500 company, she has stamped her imprint on the financial world not just in India but globally as well. Ms. Bhattacharya has expertise and deep understanding of all aspects of banking spanning the domains of credit, forex, treasury, retai I operations. mergers and acquisitions besides the capital & bond markets. She is credited with upscaling the Bank's technology initiatives in order to give this 212 year old largest bank of India (22% market share) a digital edge that has been acknowledged by Industry as path breaking. Her work in the area of Human Resources with special focus on the status of women and ·'challenged'' members of the work force, has also been of special significance. Under her leadership of the bank was adjudged one of India's top 3 Best Places to work in India by leading Global Job site 'Indeed' based on their 15 million reviews globally for most highly rated reviews on overall employee experience. Other notable initiatives during her Chairmanship include the overhauling of the f3ank ·s risk structure and implementation of various technology tools for this purpose, as well as enhancing enterprise wide risk awareness and sensitivity, through various training initiatives. During her tenure the other Companies in the Group also benefitted notably on account of focus on value creation and collaboration.

Keki Dadiseth

Mr. Keki Bomi Dadiseth is Non-Executive Independent Director of Piramal Enterprises Limited. He is a Fellow of the Institute of Chartered Accountants of England & Wales, Mr. Keki Dadiseth joined Hindustan Lever Limited in India in 1973 as Manager in the Audit Department. His tenure in the Company included a three-year secondment to Unilever plc in London (1984-87), where he held senior financial and commercial positions. On his return to India in 1987, he joined the Board of Hindustan Lever and, until he became Chairman in 1996, headed several businesses (Detergents and Personal Products) and functions (Personnel and Acquisitions & Mergers activities) for the Group in India. Mr. Dadiseth was appointed Director on the Board of Unilever plc and Unilever NV in May 2000 and a Member of the Executive Committee. On January 1, 2001, he took over as Director, Home and Personal Care, responsible for the HPC business of Unilever worldwide. He retired from Unilever in May 2005. He was also a Non-Executive Director of Prudential plc from 2005-2013, and Chairman and Senior Advisor to Sony India Ltd for four years till early 2013. He retired as a Member of the International Advisory Board of Goldman Sachs in October 2012, after serving for six years. In India, Mr. Dadiseth is closely associated with various industry, educational, management and medical bodies. He is a Trustee of the Ratan Tata Trust and a Member of the Managing Committee, Breach Candy Hospital Trust. He is on the Boards of The Indian Hotels Company Limited, Britannia Industries, Piramal Healthcare, Siemens, ICICI Prudential Life Insurance, ICICI Prudential Asset Management Trust, Godrej Properties Limited, JM Financial Limited, JM Financial Services Ltd and has recently joined the Board of PIEM Hotels Ltd, a subsidiary of Indian Hotels. He is a Director on the Board of the Indian Business School. He is also Chairman/Member of Audit/Remuneration/Corporate Governance committees in some of these companies.

Raghunath Mashelkar

Dr. Raghunath Anant Mashelkar is Non-Executive Independent Director of Piramal Enterprises Limited. He is a National Research Professor, is presently also the President of Global Research Alliance, a network of publicly funded R&D institutes from Asia-Pacific, Europe and USA with over 60,000 scientists. He served as the Director General of Council of Scientific and Industrial Research (CSIR), with 40 laboratories and about 20,000 employees for over 11 years. He was also the President of Indian National Science Academy. Dr. Mashelkar is on the Board of Directors of several reputed companies such as Reliance Industries Ltd., Tata Motors Ltd., Thermax Ltd., Piramal Enterprises Ltd., KPIT Technologies Ltd, etc. He is deeply connected with the innovation movement in India and at present, he is the Chairman of India’s National Innovation Foundation, Reliance Innovation Council, KPIT Cummins Innovation Council and Marico Innovation Foundation. He is only the third Indian engineer to have been elected (1998) as Fellow of Royal Society (FRS), London in the twentieth century. He was elected Foreign Associate of National Academy of Science (USA) in 2005, Associate Foreign Member, American Academy of Arts & Sciences (2011); Foreign Fellow of US National Academy of Engineering (2003) and Fellow of Royal Academy of Engineering, U.K. (1996). Thirty-five universities have honoured him with honorary doctorates, which include Universities of London, Salford, Pretoria, Wisconsin and Delhi. In August 1997, Business India named Dr. Mashelkar as being among the 50 path-breakers in the post-independent India. On 16 November 2005, he received the Business Week (USA) award of ‘Stars of Asia’ from the hands of George Bush (Sr.), the former President of USA. He was the first Asian scientist to receive it. In the post-liberalised India, he has played a critical role in shaping India’s S&T policies. He was a member of the Scientific Advisory Council to the Prime Minister over the past three decades.

Goverdhan Mehta

Prof. Goverdhan Mehta is Non-Executive Independent Director of Piramal Enterprises Limited. Prof. Goverdhan Mehta is a leading researcher in the area of Chemical Sciences and is presently a University Distinguished Professor and Dr. Kallam Anji Reddy Chair at the University of Hyderabad. In the past, he has held positions like the Vice-Chancellor of the University of Hyderabad, Director of the Indian Institute of Science, Bangalore; Srinivas Ramanujam Research Professor of the Indian National Science Academy; CSIR-Bhatnagar Fellow, National Research Professor; and Lilly-Jubilant Chair Professor at the University of Hyderabad. He has published over five hundred research papers, delivered over two hundred named and distinguished lectures world-wide and received over hundred medals, awards and honorary Doctorate degrees. Prof. Mehta is a Fellow of the Royal Society (FRS), a Foreign Member of the Russian Academy of Sciences and also a Fellow of all the three Science Academies in India and the Third World Academy of Sciences (TWAS). He was the President of Indian National Science Academy and International Council for Science. He has been conferred ‘Padma’ award by the President of India, ‘Chevalier de la Legion d’Honneur’ by the President of France and ‘Cross of the Order of Merit’ by the President of Germany.

Siddharth Mehta

Mr. Siddharth N. (Bobby) Mehta is Non-Executive Independent Director of Piramal Enterprises Limited. Mr. Siddharth Mehta was the former President and Chief Executive Officer of TransUnion, a global provider of credit information and risk management solutions, from 2007 through 2012. From 1998 to 2007, Mr. Mehta held a variety of positions with HSBC Finance Corporation and HSBC North America Holdings, including as Chairman and Chief Executive Officer of HSBC North America Holdings and Chief Executive Officer of HSBC Finance Corporation. Prior to that he was a Senior Vice-President at The Boston Consulting Group and led their North American Financial Services Practice. He has been on the Board of TransUnion Corporation since 2013. He is also a Member of the Board of directors of Allstate Corporation; Piramal Enterprises; Avant and Entrust Datacard; and also serves on several not-for-profit Boards, including The Field Museum and The Chicago Public Education Fund.

Subramaniam Ramadorai

Mr. Subramaniam Ramadorai is Non-Executive Independent Director of Piramal Enterprises Limited. He has been in public service since February 2011. Currently, he is the Chairman of National Skill Development Agency (NSDA) in the rank of a Cabinet Minister. The NSDA is an autonomous body that coordinates and harmonises the skill-development efforts of the Government and the private sector to achieve the skilling targets of the nation. He is also Chairman of the National Skill Development Corporation (NSDC), a one-of-its-kind, Public Private Partnership (PPP) in India, under the Ministry of Skill Development & Entrepreneurship that aims to promote skill development by catalysing creation of large, quality, for-profit vocational institutions. He took over as the CEO of Tata Consultancy Services (TCS) in 1996, when the Company’s revenues were at $155 million; and since then he led the Company through some of its most exciting phases, including its going public in 2004. In October 2009, he retired as CEO, leaving a $6 billion global IT services company to his successor. He was then appointed as the Vice Chairman and held office until he retired in October 2014, after an association of over four decades with the Company. He is currently the Chairman of AirAsia (India), Tata Advanced Systems Limited, Tata Technologies Limited and Tata STRIVE, which is the Tata Group’s CSR skill development initiative that aims to address the pressing national need of skilling youth for employment, entrepreneurship and community enterprise. he retired as the Chairman of the Bombay Stock Exchange (BSE Limited) after having served for a period of six years on the Board. He continues to be an Independent Director on the Boards of Hindustan Unilever Limited, Asian Paints Limited and Piramal Enterprises Limited. Given his keen passion to work for the social sector and community initiatives, he also serves as the Chairman of the Council of Management at the National Institute of Advanced Studies (NIAS) a Recently, in March 2016.

Deepak Satwalekar

Mr. Deepak M. Satwalekar is an Non-Executive Independent Director of Piramal Enterprises Limited. Mr. Deepak M. Satwalekar serves on the India Advisory Board of a large European bank. He is currently active on the Board of Trustees of a few non-profit organisations, engaged in the field of primary education and health care for the low-income and underprivileged members of society in rural and semi-urban India. He is on the Board of a technology incubator and also advises a venture capital fund. He was the Managing Director and CEO of HDFC Standard Life Insurance Co. Ltd. till 2008. He has also been a consultant to the World Bank; the Asian Development Bank; the United States Agency for International Development (USAID); and the United Nations Human Settlements Programme (HABITAT). Mr. Satwalekar is a recipient of the ‘Distinguished Alumnus Award’ from the Indian Institute of Technology (IIT), Bombay. He is on the Advisory Council of IIT Bombay, and has chaired or been a member of several industries, Governments and the Reserve Bank of India expert groups. He is the Chairman, Board of Governors of the Indian Institute of Management, Indore.

Narayanan Vaghul

Mr. Narayanan Vaghul serves as Non-Executive Independent Director of the Company. He was the Chairman of the Board of ICICI from September 1985 to April 2009 and was on the boards of Piramal Finance Limited, Apollo Hospitals Enterprise Limited and Mahindra World City Developers Limited until May 2018, March 2019 and April, 2019 respectively. He is currently on the board of Wipro Limited and IKP Trusteeship Services Private Limited. He was a board member of Arcelor Mittal, Luxembourg from July 1997 to May 2017. He was on the board of Universal Trustees Private Limited until March 2019. He is the Chairman of the Audit, Risk and Compliance Committee, and a member of the Board Governance, Nomination and Compensation Committee of Wipro Limited. Mr. Vaghul holds a Bachelor (Honors) degree in Commerce from Madras University. He was the recipient of the Padma Bhushan award by the Government of India in 2010. He also received the Lifetime Achievement Awards from Economic Times, Ernst & Young Entrepreneur of the Year Award Program and Mumbai Management Association. He was given an award for the contribution to the Corporate Governance by the Institute of Company Secretaries of India in 2007.