Who is Sanjiv Sachar? The man named as Additional Director of HDFC Bank
The Board of Directors, at their meeting held today, approved the appointment of Mr. Sanjiv Sachar as an Additional Director of the Bank with effect from today, i.e. July 21, 2018 till the ensuing Annual General Meeting of the Bank.
While announcing the first quarter result of FY19 (Q1FY19), largest private lender HDFC Bank also approved the appointment of Sanjiv Sanchar as an Additional Director of the bank with immediate effect. The bank posted a net profit of Rs 4,601.44 crore which was higher by 18.17% compared to net profit of Rs 3,893.84 crore in the corresponding period of previous year. However, Q1FY19 net profit was a decline by 4.12% from profit of Rs 4,799.28 crore in the preceding quarter. Net Interest income (NII) was at Rs 10,813.57 crore in Q1FY19, which witnessed growth of 15.40% from Rs 9,370.74 crore in Q1FY18 and gradually up by 1.46% from Rs 10,657.71 crore in Q4FY18.
In its financial audit, HDFC Bank said, "The Board of Directors, at their meeting held today, approved the appointment of Mr. Sanjiv Sachar as an Additional Director of the Bank with effect from today, i.e. July 21, 2018 till the ensuing Annual General Meeting of the Bank."
Who is Sanjiv Sanchar?
Sachar is a Fellow of Institute of Chartered Accountants of India and has recently retired as the Senior Partner of Egon Zehnder, the world's largest privately held executive search firm.
He had set up the Egon Zehnder practice in India in 1995 and has played a key role in establishing the firm as a market leader in the executive search space across various country segments.
Over the course of his two decades at Egon Zehnder, Sachar has mentored senior executives across industry sectors that today are either Board members, CEOs or CFOs or large corporates in India and in overseas.
Sachar has also been a co-founder of a Chartered Accountancy and Management Consulting firm, Sachar Vasudeva & Associates and co-founded executive search firm, Direct Impact.
HDFC Bank said, "Sachar is not debarred from holding office of director by virtue of any SEBI order or any other such authority." It added, "Sachar is not related to any director of the Bank."