SBI Life Insurance has announced the conclusion of term of three of its independent directors. The company has updated the shareholders through a regulatory filing.
Mumbai based SBI Life Insurance is a joint venture (JV) between State Bank of India, the largest state-owned banking and financial services company in India, and BNP Paribas Cardif, a French multinational bank and financial services company with global headquarters in Paris.
Pursuant to regulation 30 of the SEBI (Listing Obligations and Disclosure Requirement) Regulations, 2015 and SEBI Circular CIR/CFD/CMD/4/2015 dated September 9, 2015 we wish to inform you that, Mr. Raj N. Bhardwaj (DIN – 01571764), Mr. Ravi Rambabu (DIN – 01845094) and Mr. Nilesh Vikamsey (DIN – 00031213), Independent Directors of the Company whose term is expiring today i.e. September 6, 2020, shall cease to be the Independent Directors of the Company. The company said in its BSE regulatory filing on Sunday.
The tenure of Mr. Bhardwaj, Mr. Rambabu and Mr. Vikamsey as an Independent Directors of the Company commenced on September 7, 2017 for a period of three years.
On September 4, the stock closed at Rs 837.00 on the NSE.
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— SBI Life Insurance (@SBILife) September 4, 2020
