MUMBAI - Tata Steel (NS:TISC) Limited has announced the cessation of Ms. Farida Khambata as an Independent (LON:IOG) Director of the company, effective tomorrow, following the company's retirement policy for its board of directors. Ms. Khambata, who joined the Tata Steel board on August 12, 2021, will step down in accordance with the terms outlined in the Retirement Policy applicable to the Board of Directors.
The announcement, made in a statement to the London Stock Exchange (LON:LSEG) today, complies with the Securities and Exchange Board of India (SEBI) regulations, specifically the Master Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024. The company's statement fulfills the disclosure requirements under Regulations 30, 51, and other relevant provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The company's communication, signed by Company Secretary and Chief Legal Officer Parvatheesam Kanchinadham, did not specify the immediate reason for Ms. Khambata's departure beyond the application of the retirement policy. No further details about a successor or the impact of this change on the company's board composition were provided in the press release statement.
Tata Steel Limited is among the top global steel companies and is part of the broader Tata Group, a multinational conglomerate with diverse business operations. Changes in the company's leadership are closely watched by investors and industry analysts for potential implications on corporate governance and strategic direction.
The information regarding Ms. Khambata's cessation from the board is based on a press release statement and is intended for public record and transparency in corporate governance matters.
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