Jindal Steel and Power Ltd (JSPL), a private steel company, announced on Monday (September 18) that Naveen Jindal will become the non-executive chairman from October 1, 2023. His term as “executive director, designated as chairman,” is set to end on September 30, 2023, according to a regulatory filing by Jindal Steel and Power. On the BSE, Jindal Steel and Power Ltd’s shares closed at Rs 701.90, a decrease of Rs 10.10 or 1.42 percent.
The company stated, “We would like to inform that Naveen Jindal’s appointment as executive director, designated as chairman, is due to end on September 30, 2023. Naveen Jindal has chosen to remain on the Board as a non-executive chairman, effective from October 1, 2023.” As a non-executive chairman, Jindal will not receive any remuneration from the company, except for a sitting fee for attending board and committee meetings; and any compensation to be paid to non-executive directors from time to time.
The company further added that Jindal will continue to guide the company with a focus on nation-building, value creation, and sustainable development.