PEL Board approves ad hoc appointments after Rupen Patel’s death

Patel Engineering (PEL) said its board has approved several appointments as an ad hoc measure to ensure smooth functioning of the company following the demise of Rupen Patel, founder/chairman and managing director of the company.

Firstly, the Board of Directors of the Company has appointed Janky Patel as Additional Director/Non-Executive Director to be appointed as the Chairman of the Company with effect from 6th July 2024 for a period of 3 years. Janky Patel is married to Rupen Patel. She is a graduate of University of Mumbai.

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Additionally, the board has appointed Kavita Shirvaikar as the acting managing director of the company with effect from July 6, 2024. She has resigned from the position of chief financial officer (CFO).

Kavita Shirvaikar is a qualified accountant and a graduate of Institute of Cost & Works Accountants of India. She has vast experience of over 20 years in the field of Accounting, Taxation, Auditing, Banking, Finance and Fund Management etc. She is currently the full time Director and CFO of the company.

Finally, the Board of Directors has also appointed Rahul Agarwal as the Acting Chief Financial Officer of the Company with effect from July 6, 2024. Consistent with his appointment as the Chief Financial Officer, he will be appointed to a key management position and senior management role of the Company.

Rahul Agarwal is a Chartered Accountant with over 18 years of experience in finance, investor relations, accounting, auditing, including related legal, corporate and other matters.

Patel Engineering is a construction company specializing in hydropower and irrigation projects.

The company announced a consolidated net profit of Rs 68.83 crore in Q3 FY24, a significant increase from Rs 24.34 crore in Q3 FY23. Net sales increased by 11% year-on-year to Rs 1,061.01 crore in Q3 FY24 as compared to Q3 FY23.

The securities rose by 0.07% and closed at Rs 69.03 on Friday, July 5, 2024.