Apart from the recent appointment on the board of SICOM, Paranjpe is also on the board of LIC Mutual Fund Trustee Pvt. Ltd. and Stelios Asset Management Pvt. Ltd.
“The role of an independent director has been transformed in the last few years from being an observer to an active guide for the companies and hence increasingly companies are looking to appoint on the board from diverse backgrounds with solid knowledge of regulations, law and corporate governance,” said Paranjpe while confirming his appointment.
Mumbai-headquartered SICOM is one of the promoters of the City and Industrial Development Corporation (CIDCO) that set the ball rolling for the development of the neighbouring city of Navi Mumbai. The state government-owned company is also considered to be one of the pioneers in the financing of roads and bridges on the Build Operate and Transfer (BOT) model.
Currently, the State Government of Maharashtra owns 49% of SICOM, while it has about 21.15% foreign holding and the remaining 29.85 is held by other bodies and corporates.
As per the company’s website, apart from Paranjpe, Rajib Sekhar Sahoo and Sandeep Chitnis are also independent directors on the board of the company. While Rahul Gupta is the nominee director for JC Flowers & Co and Dr Nitin Jawale is the managing director, Dr Harshdeep Kamble is the principal secretary of industries, Dr Vipin Sharma is the chief executive officer of Maharashtra Industrial Development Corporation (MIDC).