Leading jewellery house Kalyan Jewellers is set to appoint former Comptroller and Auditor General (CAG) Vinod Rai as the chairman and independent non-executive director of the board, the company announced on Monday, March 28. The company, which is among India’s largest jewellery firms, has announced board approval for the appointment of Rai on the day. The appointment will be subject to obtaining requisite regulatory and shareholders’ approvals, Kalyan Jewellers said in a press release.
Kalyan Jewellers also said that TS Kalyanaraman will continue as managing director on the company’s board, said the press statement. The former CAG will replace Kalyanaraman to become the chairman of the jewellery company.
Speaking on the development, Vinod Rai said that it was a privilege for him to hold a position at Kalyan Jewellers. ““It is a privilege for me to be associated with Kalyan Jewellers, a company which has built the highest levels of trust amongst its stakeholders, conducts its business in an ethical and transparent manner and upholds the standards of good corporate governance. Kalyan Jewellers has a well-recognized brand, pan-India footprint and a strong management team at the helm of the business,” he said in a statement.
“The Kalyanaraman family, with its deep commitment to customer transparency and enlightenment, has been at the forefront of transforming the jewellery retailing sector in India. I eagerly look forward to my association with Kalyan,” added Rai.
Apart from holding the prestigious position of Comptroller and Auditor General of India, Vinod Rai has several feathers on his crown. He is also the former Chair of the United Nations Panel of External Auditors. Apart from this, he has held various positions within the Indian government as well as in state governments and has been instrumental in a wide variety of reforms in India, the press statement said. Rai also acted as the chairman of the Banks Board Bureau, an organisation set up by the central government to reform public banking in India.
As a recognition of his services, Vinod Rai was awarded the Padma Bhushan, India’s third highest civilian award in 2016. He holds masters degrees in Economics as well as Public Administration from Delhi School of Economics, University of Delhi and the Harvard Kennedy School, Harvard University, USA, respectively.
As the chairman of Kalyan Jewellers, Vinod Rai’s appointment is set to make him the eighth non-executive director on the board. The former CAG will join Salil Nair (former CEO, Shoppers Stop); Anil Nair (former CEO, L&K Saatchi & Saatchi India); Kishori Udeshi (former deputy governor of the RBI); Anish Saraf (MD, Warburg Pincus India Private Limited); T.S. Anantharaman (former chairman, Catholic Syrian Bank); Mahalingam Ramaswamy (former MD, State Bank of Travancore) and Agnihotra Dakshina Murty Chavali (former ED of Indian Overseas Bank).
Speaking on the occasion, Kalyan Jewellers MD TS Kalyanaraman said, “We are delighted to welcome Mr. Vinod Rai to Kalyan Jewellers as an Independent Chairman of our board. Kalyan Jewellers has always been committed to trust, transparency and upholding the highest standards of corporate governance, and this event is a natural step in the evolution of our company along that journey.”
“Mr. Rai brings a tremendous breadth and depth of experience and we are looking forward to him adding further to the diverse experience we already have on our board today,” he added.
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