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Vodafone Idea Elevates Akshaya Moondra as CEO; to Replace Ravinder Takkar

Telecom agency Vodafone Thought on Friday introduced the elevation of current chief monetary officer Akshay Moondra as its new chief government officer with impact from August 19, the corporate mentioned in a regulatory submitting.

The corporate’s current managing director and chief government officer Ravinder Takkar will proceed to be on the board of the corporate as a non-executive and non-independent director submit completion of his tenure, the submitting mentioned.

“The board of the corporate has, based mostly on the advice of the nomination and remuneration committee, appointed Akshaya Moondra, at present the chief monetary officer of the corporate, because the chief government officer of the corporate for a interval of three years efficient August 19,” it added. Takkar was appointed MD and CEO of Vodafone Thought on August 19, 2019, for a time period of three years which was scheduled to finish on August 18.

Takkar has been serving as managing director and chief government officer with none remuneration.

The corporate solely bore bills incurred by Takkar for the enterprise of the corporate.

The corporate will announce a brand new CFO in the end, in accordance with the submitting.

Vodafone Thought (VIL) mentioned Takkar is an skilled world government with practically three many years within the Vodafone Group, and can proceed to serve with Vodafone Group. VIL entrusted Takkar with the duty of elevating funds and rising the enterprise submit merger of Vodafone India and Thought Mobile.

Whereas the corporate efficiently accomplished a Rs 25,000-crore rights difficulty in April 2019, Takkar has been unable to get additional funds which the board accredited on a few events.

VIL board additionally accredited issuing of warrants convertible into equal variety of fairness shares to a subsidiary of promoter Vodafone, at a difficulty value of Rs. 10.20 per Warrant, aggregating as much as Rs. 436.21 crore.

“Warrants may be exercised at any time, inside a interval of 18 months from the date of allotment of warrants,” VIL mentioned within the submitting. 

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