RBL Bank names Pradip Shah as external expert on search committee

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RBL Bank names Pradip Shah as external expert on search committee

RBL Bank has added National Asset Reconstruction Company Ltd NARCL Chairman Pradip Shah as an external expert on its search committee, which was created by the National Asset Reconstruction Company Ltd., to identify and evaluate candidates for the position of its MD and CEO.

The bank had constituted a search committee last month, consisting of two board members, chairman of its nomination and remuneration committee and an external expert, to identify and evaluate candidates for the position of MD and CEO both from within and outside the bank.

The Board at its meeting today, i.e January 15, 2022, has decided to associate Mr. Pradip Shah, Chairman, National Asset Reconstruction Company Ltd. NARCL with the search committee consisting of Mr. Manjeev Singh Puri, Chairman, Nomination and Remuneration Committee NRC, and two other Directors, Mr. Ishan Raina and Ms. Veena Mankar, the bank said in an exchange filing.

It said that the search committee, on the recommendation of the search committee, also approved EgonZehnder as the search firm to identify suitable candidates for the post of MD and CEO for the bank.

Shah runs IndAsia, a corporate finance and investment advisory company. He is a Gold-medallist Chartered Accountant, Management Accountant, and MBA from Harvard. He founded the first retail housing finance company in India, the Indocean Fund, a pioneer private equity fund, in partnership with AMP of Australia, Universal Trustees, for intergenerational transfer of wealth through wills and trusts, and Grow-Trees. The bank said com was a social enterprise.

Besides being Chairman of NARCL, Shah also serves as chairman of Kansai Nerolac Paints, Sonata Software, BASF India and director of Bajaj Auto, Pfizer India, Godrej Boyce and Mane Kancor Ingredients.

He serves as chairman of the Advisory Board of Infomo Global of Singapore, serves as a member of the Dun Bradstreet International Advisory Board, sits on the governing boards of some non-profit organizations and chambers of commerce, and is an advisor to an asset manager investing in listed equities in India and a venture debt fund investing in technology companies. On December 25, RBL Bank informed the exchanges that the Reserve Bank of India RBI has appointed its chief general manager Yogesh K Dayal as an additional director for a period of two years with effect from December 24, 2021 to December 23, 2023 or until further orders, whichever is earlier.

On the same day, the bank also appointed Rajeev Ahuja as interim MD and CEO after accepting the request of then MD and CEO Vishwavir Ahuja to proceed on leave with immediate effect.

The shares of the RBL Bank were 5.26 per cent higher on Friday, at Rs 156.20 on the BSE.

As of December 31st, the QoQ had risen to 58% and Rs 73,637 cr.