Asian Paints’ Independent Director Pallavi Shroff Declines Reappointment

The managing partner of Shardul Amarchand Mangaldas & Co., Pallavi Shroff, has declined to serve a second term as an Independent Director of Asian Paint Limited.

Asian Paints released a statement stating that Shroff informed the Board of Directors about her decision due to increased professional commitments arising from new projects at her firm. The company confirmed that there were no other significant reasons for her decision.

Consequently, Asian Paints cancelled the proposal, seeking shareholders’ approval for her reappointment through a postal ballot.

Shroff’s term as an Independent Director of the company will end on March 31.

InGovern expressed disappointment in a tweet, stating that despite Asian Paints’ claims of high corporate governance standards, it’s concerning when an Independent Director resigns during their reappointment process, suggesting that such a situation indicates a lack of true independence. They emphasised the importance of investors exercising their voting rights and urged companies to acknowledge this.