HPL Electric & Power Limited has informed the Exchange regarding Cessation of Mr Hargovind Sachdev as Non- Executive Independent Director of the company w.e.f. April 12, 2025.
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HPL Electric & Power has informed exchanges that Mr. Hargovind Sachdev, an Independent Director, will step down effective close of business on April 12, 2025, on completion of his second term. To fill the vacancy, the board has appointed Mr. Ajit Sood (DIN: 08458007) as an Additional Independent Director for 5 years starting April 13, 2025, subject to shareholder approval. Mr. Sood is a former Chief General Manager of State Bank of India with over 36 years of experience in banking, credit appraisal, and financial management, and previously worked as a Senior Advisor with KPMG India. Board committees have been reconstituted from April 13, 2025, with Mr. Sood set to chair the Audit Committee and the Stakeholders Relationship Committee, and serve as a member on the Nomination & Remuneration and Risk Management committees.
This is a routine, planned leadership transition with no governance red flags — the outgoing director is completing his term, and the incoming director brings strong banking and financial expertise, which should reassure investors about the quality of board oversight. The net change on the board is neutral, with one independent director replacing another.