In a significant development, the board of directors of Cholamandalam Investment and Finance Company has appointed M. B. N. Rao, former chairman and managing director of Canara Bank and Indian Bank, as Chairman of the company. He takes over from M. A. Alagappan, who retired. Simultaneously, the board has appointed Vellayan Subbiah as the Managing Director of the company.

These decisions were taken at a board meeting held here on Wednesday. Both Mr. Vellayan Subbiah and Mr. Rao have also been inducted into the board. Mr. Rao will join the board as an additional director. Mr. Vellayan Subbiah is expected to join the company in the third week of August.

The company has been without a managing director after Atul Pande quit in late 2008. N. Srinivasan, Group Director (Finance), has been functioning as the lead director of the company with executive powers.

He will give up these once the new managing director assumes office.

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