Telecommunications company Vodafone Idea on Friday announced the appointment of current chief financial officer Akshay Moondra as new chief executive officer effective August 19, the company said in a regulatory filing.
The company’s current CEO and chief executive officer Ravinder Takkar will continue to join the company’s board of directors as a non-executive and non-independent director upon completion of his term, profile said.
“The board of directors of the company, on the recommendation of the nomination and remuneration committee, appointed Akshaya Moondra, currently the company’s chief financial officer, as chief executive officer of the company for a period of 3 days. year, effective August 19,” it added. Takkar was appointed CEO and CEO of Vodafone idea on August 19, 2019, for a period of three years, scheduled to end on August 18.
Takkar has been holding the position of chief executive officer and chief executive officer without any remuneration.
The company only bears the expenses incurred by Takkar for its business activities.
According to the filing, the company will announce a new chief financial officer in due course.
Vodafone Idea (VIL) said Takkar is an experienced global operator with nearly three decades in the Vodafone Group and will continue to serve with the Vodafone Group. VIL assigned Takkar the task of raising capital and growing the business following the merger of Vodafone India and Idea Cellular.
While the company successfully completed a title issue of Rs 25,000 in April 2019, Takkar was unable to receive the additional funds that the board had approved on a few occasions.
The VIL Board of Directors also approved the issuance of a convertible warrant for an equivalent number of shares to a subsidiary of the advertising company Vodafone, at an issue price of Rs. 10.20 per Warrant, aggregate up to Rs. 436.21 crore.
“Warrants may be exercised at any time, for a period of 18 months from the date of warrant distribution,” VIL said in the filing.
