Lava Shares

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Lava International Ltd restructures its board, excluding former chairman Hari Om Rai

Lava International Limited

Created at 24 May 2024 23:22

According to a company statement, Lava International has reformed its board, which now excludes former chairman and managing director Hari Om Rai.
Rai resigned from his post in February and now holds no directorial positions in the organization. He is in judicial custody for an alleged money laundering case filed by the Enforcement Directorate.
Lava has appointed Anupam Shrivastava, former BSNL chairman and managing director, and Ajay Kumar Singh, former Lieutenant Governor of Andaman and Nicobar Islands and Puducherry, as independent directors.

Sunil Raina, Executive Director of Lava International, stated that the newly formed board is a wonderful blend of experienced Lava leadership members, founders, and highly successful individuals from various backgrounds.
Raina, Sanjeev Agarwal, Shailendra Nath Rai, Sunil Bhalla, and Vishal Sehgal make up the new board, which also includes two new independent directors.
According to sources, Hari Om Rai maintains a 15.27 percent ownership in the company.
According to the business's most recent regulatory filing in 2021, Rai owned approximately 33% of the company, Bhalla about 21%, Sehgal about 16%, SN Rai 8.68%, and Raina about 0.13%.

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