Lalit Agarwal, Managing Director, V-Mart Retail, stated, “The appointment of Aakash because the chairman will herald a brand new period of company governance within the firm. Aakash has been a torchbearer of ethics and governance and this certainly is a giant change for a thus far promoter-led firm which is now embarking on its new constitution of progress, ably supported by a deep-rooted skilled and impartial governance tradition.”
Aakash Moondhra, Chairman, V-Mart Retail, stated, “I’m grateful to the Board for posing the arrogance in me and I’ll strive my finest to contribute in making VMart an excellent higher group than it already is and I sit up for this thrilling journey along with the guy board members.”
V-Mart Retail has additionally introduced a strategic change in its management construction. The position of Chairman and Managing Director is now being cut up, with Aakash Moondhra (Unbiased Director) being designated as Chairman, whereas Lalit Agarwal would proceed in his position as Managing Director.
The aim behind this position separation isn’t merely with associated compliance, reasonably, it’s to make sure an excellent higher and balanced governance construction and efficient steerage to the administration, in accordance with a press release.
“In the long term, this diversion of roles would certainly profit all stakeholders in our worth chain,” stated Agarwal. “It’s a key to advertise total Board independence whereas enabling me to focus much more deeply on driving firm progress, worth creation for all our shareholders, and day-to-day firm administration.”
Based in 2002, V-Mart is an omnichannel retail retailer chain for the whole household, providing vogue attire, footwear, dwelling furnishings, normal merchandise, and Kirana. Primarily specializing in Tier II and Sick cities, V-Mart is current pan-India with a mean retailer dimension of 8,000 sq ft. V-Mart has 368 shops in 26 states.