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Deepak Parekh steps down as HDFC Life's Chairman and Non-Executive Director
Image Credit: YouTube Screen Grab

Deepak Parekh steps down as HDFC Life's Chairman and Non-Executive Director

| @indiablooms | 18 Apr 2024, 06:06 pm

Mumbai: Veteran banker Deepak Parekh has resigned from his positions as Chairman and Non-Executive Director of HDFC Life Insurance, the company said in an exchange filing on Thursday.

“Deepak S Parekh has decided to step down as the Chairman and NonExecutive Director of the Company with effect from close of the business hours on April 18, 2024,” the company said.

Keki M Mistry has been appointed the Chairman of the Board, the company said.

“The board has unanimously approved the appointment of Keki M Mistry as the Chairman of the Board with immediate effect subject to approval of Insurance Regulatory and Development Authority,” the company said.

The insurance company also stated that VK Viswanathan and Prasad Chandran will no longer serve as Independent Directors of the Company after finishing their two successive terms of five years each on April 24, 2024.

Furthermore, the company appointed Venkatraman Srinivasan as an Independent Director.

“The board has approved the appointment of Mr Venkatraman Srinivasan as an Additional - Independent Director effective April 18, 2024, for a term of 5 consecutive years subject to the approval of the shareholders in the ensuing Annual General Meeting of the Company,” it said.

HDFC Life Insurance on Thursday declared a net profit of Rs 411 crore for the January-March quarter of financial year (FY) 2023-24, up by 14.8 percent from Rs 358 crore recorded in the year-ago period.

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