Mumbai, India - November 14, 2013, Mumbai, India - Mahindra & Mahindra, an automobile manufacturing corporation, announced the appointment of V S Parthasarathy as chief financial officer of the company, effective today.
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Mr. Parthasarathy joined Mahindra & Mahindra in 2000 as Head of Performance Management and IT. He worked his way through several key positions and initiatives such as CFO, Business Planning, International Operations, Policy Deployment, Strategy, and Mergers & Acquisitions for the Farm Equipment sector.
He started his career with Modi Xerox as a management trainee and worked his way up over 15 years to Finance Controller and Associate Director.
Mr. Parthasarathy holds a Bachelor’s Degree in Commerce from Gujarat University and is a fellow member of the Institute of Chartered Accountants of India.
Bharat Doshi, Executive Director and Group Chief Financial Officer of the company decided to step down after a distinguished career spanning 40 years of service in the Mahindra Group, of which 21 years were as an Executive Director, effective November 13, 2013.
Mr. Doshi has been appointed an Additional Director of the company with effect from November 14, 2013. Mr. Bharat joined Mahindra & Mahindra in 1973 as an Executive. He served as Executive Vice President (Corporate Affairs) of Mahindra & Mahindra Limited from July 1991 to August 1992, when he joined the Board of the Company as Executive Director in charge of Finance & Accounts, Corporate Affairs, and Information Technology.
In addition, he was the President of the Trade & Financial Services Sector from December 1994 to October 2007. He was redesignated as Executive Director of Mahindra & Mahindra and Group CFO in 2007.He retired from the services of the company on 14th Nov 2013 after a distinguished career spanning 40 years.
Mr. Bharat received his Master's degree in Law from Bombay University. He is a fellow member of the Institute of Chartered Accountants of India and the Institute of Company Secretaries of India. He has also participated in the Program for Management Development (PMD) at Harvard Business School. He was also a Fellow of the Salzburg Seminar on "Asian Economies: Regional and Global Relationships" held in December 2000.
He is Chairman of Mahindra & Mahindra Financial Services and Mahindra Intertrade. He is also Director of several companies in the Mahindra Group. He is an Independent Director of Godrej Consumer Products, Godrej Household Products and NSE.IT.
Mr. Bharat was a member of the High Powered Expert Committee constituted by the Ministry of Finance, Government of India, on Making Mumbai an International Financial Center. He is a member of the SEBI (Securities and Exchange Board of India) Committee on Disclosures and Accounting Standards (SCODA). He has been associated with the Bombay Chamber of Commerce & Industry (BCCI) for the last 30 years and served as its President for the year 2009-10.
Mr. Bharat was adjudged "India's Best CFO" by the leading business fortnightly Business Today (India Today Group Publication) in April 2005. He was also conferred the CFO of the Year Award for financial excellence by IMA India, an associate of The Economist Group, in December 2005. In November 2007, Bharat was honored with the CNBC CFO of the Year 2007 award.
At this meeting, the board also approved the appointment of S. B. Mainak as an Additional Director with effect from November 13, 2013 representing the Life Insurance Corporation of India on the Board of Directors of the company. ■