VIP Industries MD Anindya Dutta steps down, shares up 3%

Shares of Luggage maker VIP Industries gained nearly 3 per cent in morning trade on Wednesday after the company announced a reshuffle at the top executive level.

In a filing to the stock exchanges on Tuesday, the company said that its Managing Director Anindya Dutta tendered his resignation on August 14 due to personal reasons. He took charge as MD of the company in February 2021.

The company’s board of directors at its meeting held on August 15 appointed Neetu Kashiramka as the Managing Director designate and Chief Financial Officer (CFO).

Reacting to this, shares of VIP Industries rose by three per cent in morning trade on BSE to a high of Rs 684.75 apiece.

Neetu Kashiramka appointed for three years

VIP Industries said that Kashiramka has been appointed as MD designate and CFO with effect from August 15. She will take over as the MD and CFO of the company from November 14, 2023, for a period of three years.  This is subject to the shareholder’s approval.

It clarified that she is not related to any of the directors of the company and has not been barred by capital markets regulator Sebi from holding the office of director

Kashiramka joined the company in April 2020 as a CFO. Additionally, she was given the position of Executive Director in May this year. 

Neetu Kashiramka career

She is a qualified Chartered Accountant with more than two decades of experience in the corporate finance function across several organisations.

Before joining the company, she was working as CFO of the engineering firm Greaves Cotton Ltd. She started her career with Kewal Kiran & Company and thereafter moved to Jyothy Laboratories Ltd, where she had a long stint spanning over 17 years.

In Jyothy Laboratories, she played an important role and witnessed the company grow from Rs 20 crore to Rs 1,800 crore.

In her career, she has handled ERP implementation, private equity, IPO, QIP, fundraising through multiple instruments, merger and acquisitions. Also, she has handled investor relations for the last 16 years.

Shares of VIP Industries were trading 2.6 per cent higher at Rs 682 apiece on BSE at 9:56 AM.