Private steel player Jindal Steel and Power Ltd (JSPL) on Monday (September 18) said Naveen Jindal will assume the position of non-executive chairman, effective from October 1, 2023,

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Jindal's term as "executive director, designated as chairman," ends on September 30, 2023, Jindal Steel and Power said in a regulatory filing.

"...we wish to inform that the term of appointment of Naveen Jindal as executive director, designated as chairman, is due to end on September 30, 2023. Naveen Jindal has chosen to continue on the Board in the capacity of non-executive chairman, with effect from October 1, 2023," the company said.

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As a non-executive chairman, Jindal will not draw remuneration from the company, except for a sitting fee for attending the meetings of the board and its committees; and compensation, if any, to be paid to non-executive directors, from time to time, the company said.

Jindal will continue to guide the company focused on nation-building, value creation, and sustainable development, the company said.

Shares of Jindal Steel and Power Ltd ended at Rs 701.90, down by Rs 10.10, or 1.42 percent, on the BSE.

(Edited by : Shoma Bhattacharjee)

First Published:Sept 18, 2023 8:07 PM IST