PremiumThe Appointments Committee of the Cabinet (ACC) has approved the proposal of appointment of Pankaj R Patel for a period of four years from the date of notification of his appointment, or until further orders, whichever is earlier.
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Zydus Lifesciences Limited on Tuesday announced that Chairman Pankaj R Patel has been appointed as a part-time non-official director in the Central Board of the Reserve Bank of India (RBI).
The Appointments Committee of the Cabinet (ACC) has approved the proposal of appointment of Patel for a period of four years from the date of notification of his appointment, or until further orders, whichever is earlier.
"The Appointments Committee of the Cabinet (ACC) approved the proposal of appointment of Mr. Patel under section 8 (1)(c) of the RBI Act, 1934 for a period of four years from the date of notification of his appointment, or until further orders, whichever is earlier," the company said in a statement.
Patel is on the Board of various institutions including Invest India, Member of the Mission Steering Group (MSG), the highest policy-making and steering body constituted under the National Health Mission (NHM) and of the Drug Technical Advisory Board by the Ministry of Health & Family Welfare, Government of India. He is also the Chairman of the Board of Governors and Society, IIM, Udaipur and a Member of the Board of Governors of the Indian Institute of Management (IIM), Ahmedabad, the statement said.
Earlier, Patel was also the President of the Federation of Indian Chamber of Commerce & Industry (FICCI) (2016-17).
Since 2011, he is also the Executive Chairman, Vice President and Trustee of the Gujarat Cancer Society and Chairman of the Gujarat Cancer and Research Institute, a Regional Cancer Centre and one of the largest cancer centres in India, reaching out to the needy and underprivileged cancer patients.
Earlier today, the company had also announced share buyback at ₹650 per equity share. Revealing about the Zydus Lifesciences share buyback, the company management announced that the offer won't exceed 1,15,38,461 shares. The company also made it clear in its offer that buyback of shares won't exceed ₹750 crore value. The buyback of shares will be tender-based on a proportionate basis.
Announcing about share buyback, the company informed Indian bourses citing, "Submission of Letter of Offer pertaining to buyback of not exceeding 1,15,38,461 (One Crore Fifteen Lakh Thirty Eight Thousand Four Hundred and Sixty One) fully paid-up equity shares having a face value of INR 1/- (Indian Rupee One only) each (“Equity Shares") of Zydus Lifesciences Limited (formerly known as “Cadila Healthcare Limited") (hereinafter referred as “the Company") at a price of INR 650 (Indian Rupees Six Hundred and Fifty only) per Equity Share for an aggregate amount not exceeding INR 750,00,00,000 (Indian Rupees Seven Hundred and Fifty Crore only) (“Buyback Size"), on a proportionate basis through tender offer route ("Buyback"), pursuant to the Securities and Exchange Board of India (Buy-Back of Securities) Regulations, 2018, as amended (“Buyback Regulations").
