Jindal Steel and Power on Monday said its chairman Naveen Jindal will be re-designated as non-executive director from October 1, 2023.
The term of appointment of Naveen Jindal as Executive Director, designated as Chairman, is due to end on September 30, 2023, the steel maker said in a filing to BSE.
"Naveen Jindal has chosen to continue on the Board in the capacity of Non-Executive Chairman, with effect from October 1, 2023. Accordingly, Naveen Jindal will be re-designated as Non-Executive Director of the Board, with effect from October 1, 2023," it said.
As a non-executive director, Jindal shall not draw remuneration from the company, except sitting fee for attending the meetings of the Board and its Committees and compensation, if any, to be paid to Non-Executive Directors, from time to time, the filing said.
"He will continue to guide the company to shape its vision of being an ever-flourishing company focused on nation-building value creation and sustainable development," the filing said.