New Delhi: Metals and mining giant Vedanta Limited has declared the appointment of U.K. Sinha, the former Chairman of the Securities and Exchange Board of India (SEBI) as its additional non-executive independent director.
In its Board meeting held earlier today, the Company stated that Sinha's appointment will be for a set term, with effect from March 13 to August 10, 2021.
Moreover, the company announced a first interim dividend of Rs. 21.20 per equity share, that is, 2120 percent on the face value of Re. 1 per equity share for the financial year 2017-18. It also announced a dividend of 7.5 percent per annum on redeemable preference shares of face value of Rs. 10 per preference share as per the terms of issuance.
The dividend on these preference shares, which were issued on April 28 last year, is payable until March 31, and the record date for the purpose of payment of the first interim dividend to equity shareholders and dividend to preference shareholders is March 21, Vedanta said in their post-meeting announcement.
An IAS officer of the Bihar cadre, Sinha served as the chairman of the market regulator for a period of three years, that is, from 2014 to 2017. Prior to that, he served as the Chairman and Managing Director (CMD) of the Unit Trust of India Asset Management Company (UTIAMC), commonly known as UTI Mutual Fund.