Whirlpool of India Defends Redesignation of Anil Berera Amid Proxy Advisory Concerns

Whirlpool of India Ltd confidently defends its proposal to redesignate Anil Berera as an Independent Director, stating compliance with all statutory requirements. Despite proxy advisory concerns, the company emphasizes Berera's commitment and governance, addressing independence criteria and clarifying the cooling-off period regulations, following a special resolution ballot initiative.

Whirlpool of India Ltd stands firm on its decision to redesignate Anil Berera as a non-executive Independent Director, asserting full compliance with legal and regulatory frameworks. The response comes after proxy advisory firms, IiAS and SES, expressed concerns over the proposal.

The company clarified that Berera's redesignation aligns with the Companies Act, 2013, and SEBI regulations, arguing that concerns stem from IiAS' internal governance criteria rather than legal constraints. Whirlpool highlighted Berera's longstanding commitment to governance and his independence from financial ties, aside from director remuneration.

Answering SES’s concern regarding the cooling-off period, Whirlpool confirmed that Berera, who ceased being a key managerial personnel at the end of 2019, is eligible for redesignation as he has not held any executive position with the company since. Whirlpool seeks shareholder approval for the redesignation via a special resolution ballot.