Paresh V. Merchant to replace brother Nikhil as Veritas (India) MD

The Board of Directors of Veritas (India) Limited has approved the appointment of Paresh Vasantlal Merchant as Managing Director with effect from December 28, 2023, for a term of 3 years. Subject to the approval of members at the ensuing general meeting. The Board also decided to change the designation of Nikhil V. Merchant from Chairman and Managing Director to Non-executive and Non-Independent Director, with effect from December 28, 2023. The Board also approved the appointment of Pratik Hasabnis as Company Secretary and Compliance Officer, with effect from December 28, 2023.

Paresh V. Merchant is presently serving as Whole-Time Director at Swan Energy Limited and continues to lead Swan Energy into new and uncharted businesses such as heavy engineering and shipbuilding, LNG Fuel Storage and Regasification Unit (FSRU), Real estate, and Green Energy. Merchant is a Globetrotter and possesses vast experience in management and operations. He is also associated with many other companies, associations, and committees. He has completed a management education programme from IIM, Ahmedabad, and is a commerce graduate. Paresh is Nikhil Merchant’s brother, and his son Vivek Merchant is also a Directors of the company.

Pratik Hasabnis, an associate member of the Institute of Company Secretaries of India (ICSI), has over six years of experience in corporate secretarial compliance functions. Apart from ensuring compliance under Companies Law, SEBI Listing Regulations, and other corporate laws, he has handled matters and key assignments concerning fund raising by way of NCDs, the implementation of compliance software, and other incidental activities in his career.