Ex-SBI official appointed nominee director in Orchid Chemicals

CHENNAI: The Board of pharmaceuticals major Orchid Chemicals and Pharmaceuticals has given its nod for the appointment of former SBI Deputy Managing Director Soundara Kumar as a Nominee Director.

In accordance with the Corporate Debt Restructuring package and Letter of Approval issued by CDR empowered group, the Corporate debt restructuring lenders are entitled to appoint nominee on the Board of OCPL.

State Bank of India, the monitoring institution has nominated Soundara Kumar, Retired Deputy Managing Director of SBI as its nominee, city-based Orchid Chemicals and Pharmaceuticals said in a BSE filing.

"The board of directors at its meeting on March 30, 2015 has considered and appointed Soundara Kumar as nominee director of OCPL",it said.

Shares of the company closed at Rs 52.25 apiece up by 9.08 per cent on the BSE.