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Shamit Bhartia will not seek reappointment as MD upon expiry of present tenure: HMVL

Bhartia will continue on the Board of Hindustan Media Ventures Limited as Non-executive Director, liable to retire by rotation

e4m by exchange4media Staff
Published: Jan 28, 2022 8:43 AM  | 1 min read
Shait Bhatia

Hindustan Media Ventures Limited (HMVL) has informed that Shamit Bhartia will not seek reappointment as Managing Director upon expiry of his present tenure on 3rd February 2022. He will continue on the Board as Non-executive Director, liable to retire by rotation.

"The Board at its meeting held on 27th January 2022, took note of the request of Shri Shamit Bhartia to not seek reappointment as Managing Director upon expiry of his present tenure on 3rd February 2022 (closing business hours), and to continue thereafter on the Board as Non-executive Director, liable to retire by rotation. With effect from 4th February 2022, Shri Shamit Bhartia will continue on the Board as Non-executive applicable, liable to retire by rotation," HMVL said in a filing to the BSE.

Shamit holds a degree in Economics from Dartmouth College, USA. He has worked in the Corporate Finance and M&A Group, Lazard Frere, New York, from July 2001 till August 2002. He is associated with HT Group and its print business since 2003, and has been instrumental in the success and growth of HT's business.

He is the son of Shobhana Bhartia, Chairperson and brother of Priyavrat Bhartia, a Non-executive Director.

Meanwhile, HMVL's Q3 FY22 revenue had increased to Rs 212 crore from Rs 193.8 crore. Expenses increased to Rs 182.6 crore from Rs 153.5 crore. Net profit was down at Rs 31.1 crore as against Rs 35.1 crore.

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