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In the opinion of the Board, Mr Shah fulfils the conditions specified in the Companies Act, 2013 and the Rules made thereunder
for his appointment as an Independent Director of the Company and he is independent of the Management. Copy of the draft
letter for appointment of Mr Shah as an Independent Director setting out the terms and conditions will be available for inspection
without any fee by the Members at the Registered office of the Company during normal business hours on any working day.
Mr Shah does not hold by himself or together with his relatives two percent or more of the total voting power of the Company.
The Board considers that his continued association will be of immense benefit to the Company. Accordingly, the Board
recommends the Resolution in relation to appointment of Mr Shah as an Independent Director, for the approval by the Members.
Except Mr Shah, being an appointee, none of the Directors and Key Managerial Personnel of the Company and their relatives are
concerned or interested, financially or otherwise, in the Resolution set out at Item No 09.
This Explanatory Statement may also be regarded as a disclosure under Clause 49 of the Listing Agreements with the Stock
Exchanges.
Item No 10
Mr V S Rangan is an Independent Director of the Company. Mr Rangan is also a Member of the Audit Committee of the Board
of Directors (Board).
Name
Mr V S Rangan
Date of birth
February 13, 1960
Brief résumé
Mr V S Rangan is a Director of the Company since July 19, 2010.
Mr Rangan is an Executive Director of Housing Development Finance Corporation Ltd.
Mr Rangan is an Associate of The Institute of Chartered Accountants of India and The
Institute of Cost and Works Accountants of India.
Directorship in other companies
Public Companies:
Cholamandalam Investment & Finance Company Ltd
HDFC Developers Ltd
HDFC Holdings Ltd
HDFC Investments Ltd
HDFC Property Ventures Ltd
HDFC Trustee Company Ltd
HDFC Venture Capital Ltd
Hindustan Oil Exploration Company Ltd
Housing Development Finance Corporation Ltd
TVS Credit Services Ltd
Private Companies:
Credila Financial Services Pvt Ltd
HDFC Education & Development Services Pvt Ltd
IVF Advisors Pvt Ltd
Ruralshores Business Services Pvt Ltd
Membership in committees of other
companies
Member of Committees:
Cholamandalam Investment & Finance Company Ltd - Audit Committee
Cholamandalam Investment & Finance Company Ltd - Risk Management Committee
HDFC Education & Development Services Pvt Ltd - Allotment Committee
HDFC Education & Development Services Pvt Ltd - Audit Committee
HDFC Holdings Ltd - Audit Committee
HDFC Investments Ltd - Audit Committee
HDFC Trustee Company Ltd - Audit Committee
HDFC Trustee Company Ltd - Customer Service Committee
HDFC Trustee Company Ltd - Risk Management Committee
Hindustan Oil Exploration Company Ltd - Audit Committee
Housing Development Finance Corporation Ltd - Shareholders’ | Investors’ Grievance
Committee
TVS Credit Services Ltd - Audit Committee
Number of shares held in the Company 2,000
Mr Rangan is a Director whose period of office is liable to determination by retirement of Directors by rotation under the erstwhile
applicable provisions of the Companies Act, 1956. In terms of Section 149 and other applicable provisions of the Companies Act,