tidco: S Krishnan appointed as additional director on Titan board, as TIDCO changes its nominee

Main watch and jewelry maker Titan’s board has authorized the appointment of S Krishnan, Further Chief Secretary, Industries Division, Tamil Nadu Authorities as a further director. His appointment has come rather than N Muruganandam, a nominee of the Tamil Nadu Industrial Improvement Company Restricted (TIDCO) — co-promoter of the Titan, with impact from December 10, 2021.

“S Krishnan will maintain workplace as much as the date of the subsequent Annual Basic Assembly whereby his appointment as a director, liable to retire by rotation, will probably be positioned earlier than the shareholders for his or her approval,” it mentioned.

Krishnan is a 1989 Batch IAS Officer, who has held many key positions in numerous departments within the Authorities of Tamil Nadu and Authorities of India.

On Muruganandam resignation, the corporate mentioned: “The co-promoter of the corporate TIDCO has withdrawn the nomination of N Muruganandam. Therefore, he has resigned from the board of the corporate,” it mentioned.

Titan was arrange in 1984 as a three way partnership between the Tata Group and the Tamil Nadu state authorities. Whereas the Tata Group owns a 25.02 per cent stake, the state authorities owns a 27.88 per cent stake within the firm.