Leading jewelery house Kalyan Jewelers is all set to hire former Comptroller and Auditor General (CAG). Vinod Rai as chairman of the board and independent non-executive directors, the company announced on Monday, March 28. The company, which is one of the largest jewelery firms in India, announced the board’s approval for Rai’s appointment on that day. Kalyan Jewelers said in a press release that the appointment would be subject to obtaining requisite regulatory and shareholders’ approvals.
Kalyan Jewelers It also said that TS Kalyanaraman will continue as Managing Director on the board of the company, the press statement said. The former CAG will replace Kalyanaraman as the chairman of the jewelery company.
Speaking on development, Vinod Rai Said that it is a matter of privilege for him to hold the position in Kalyan Jewellers. “It is my privilege to be associated with Kalyan Jewellers, a company that has built the highest level of trust amongst its stakeholders, conducts its business in an ethical and transparent manner and upholds the standards of good corporate governance. Kalyan Jewelers has a well-known brand, pan-India footprint and a strong management team at the helm of the business,” he said in a statement.
“The Kalyanaraman family, with their deep commitment to customer transparency and knowledge, has been at the forefront of transforming the jewelery retail sector in India. I am looking forward to my association with Kalyan.”
Apart from holding the coveted post of Comptroller and Auditor General of India, Vinod Rai has many feathers on his crown. He is also the former chairman of the United Nations Panel of External Auditors. In addition, he has held various positions in the Government of India as well as state governments and has been instrumental in various reforms in India, the press statement said. Rai also served as the chairman of the Banks Board Bureau, an organization set up by the central government to reform public banking in India.
In recognition of his services, Vinod Rai was awarded the Padma Bhushan, India’s third highest civilian award, in 2016. He holds a master’s degree in economics as well as public administration from the Delhi School of Economics, University of Delhi and Harvard Kennedy School, Harvard. University, USA, respectively.
As chairman of Kalyan Jewellers, Vinod Rai’s appointment is set to make him the eighth non-executive director on the board. Will join former CAG Salil Nair (former CEO, Shoppers Stop); Anil Nair (Former CEO, L&K Saatchi & Saatchi India); Kishori Udeshi (Former Deputy Governor of RBI); Anish Saraf (MD, Warburg Pincus India Pvt Ltd); TS Anantharaman (Former Chairman, Catholic Syrian Bank); Mahalingam Ramaswamy (Former MD, State Bank of Travancore) and Agnihotra Dakshina Murthy Chawli (Former ED of Indian Overseas Bank).
Speaking on the occasion, TS Kalyanaraman, MD, Kalyan Jewelers said, “We are delighted to welcome Mr. Vinod Rai to Kalyan Jewelers as the Independent Chairman of our Board. Kalyan Jewelers has always been committed to upholding the highest standards of trust, transparency and corporate governance, and this event is a natural step in the growth of our company along that journey.”
“Mr. Rai has vast experience and depth and we look forward to him adding to the diverse experience already on our board today.”
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