Appointment of Dyuman Bhardwaj as Chief Financial Officer of the company
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Bhagawati Gas Ltd has informed the stock exchange about the appointment of Dyuman Bhardwaj as the Chief Financial Officer of the company, effective March 11, 2019. The appointment was approved by the Board of Directors based on the recommendation of the Nomination and Remuneration Committee and is subject to shareholder approval at the ensuing general meeting. Dyuman Bhardwaj brings over five years of experience in the company's business and industry. Notably, he is the son of the company's Managing Director, Rakesh Samrat Bhardwaj.
This is a routine KMP appointment, but the fact that the new CFO is a family member of the Managing Director may raise governance concerns among minority shareholders who prefer independent appointments in key financial roles. Investors should watch for the outcome of shareholder approval at the upcoming general meeting.