Ashok Paranjpe joins SICOM’s board as an independent director

Ashok Paranjpe, Managing Companion of Mumbai-based legislation agency MDP & Companions, is becoming a member of SICOM Ltd. a Authorities of Maharashtra Enterprise as an impartial director. An alumnus of the Authorities Regulation School (Mumbai) from the 1982 batch, Paranjpe began his profession with Wadia Ghandy & Co and since June 2011, he’s a managing companion of MDP & Companions.

Other than the current appointment on the board of SICOM, Paranjpe can also be on the board of LIC Mutual Fund Trustee Pvt. Ltd. and Stelios Asset Administration Pvt. Ltd.

“The function of an impartial director has been remodeled in the previous few years from being an observer to an lively information for the businesses and therefore more and more firms want to appoint on the board from numerous backgrounds with stable information of laws, legislation and company governance,” stated Paranjpe whereas confirming his appointment.

Mumbai-headquartered SICOM is without doubt one of the promoters of the Metropolis and Industrial Growth Company (CIDCO) that set the ball rolling for the event of the neighbouring metropolis of Navi Mumbai. The state government-owned firm can also be thought-about to be one of many pioneers within the financing of roads and bridges on the Construct Function and Switch (BOT) mannequin.

Presently, the State Authorities of Maharashtra owns 49% of SICOM, whereas it has about 21.15% overseas holding and the remaining 29.85 is held by different our bodies and corporates.

As per the corporate’s web site, other than Paranjpe, Rajib Sekhar Sahoo and Sandeep Chitnis are additionally impartial administrators on the board of the corporate. Whereas Rahul Gupta is the nominee director for JC Flowers & Co and Dr Nitin Jawale is the managing director, Dr Harshdeep Kamble is the principal secretary of industries, Dr Vipin Sharma is the chief govt officer of Maharashtra Industrial Growth Company (MIDC).