Board of Directors

Members of the Board | Composition of the Committees

Members of the Board

Mr. Rakesh Jhunjhunwala - Chairman

Mr. C. Y. Pal - Vice Chairman

Mr. Ninad Karpe - Managing Director & CEO

Mr. Utpal Sheth - Director

Mr. Asit Koticha - Director

Mr. Rajiv Agarwal - Director

Mr. Ramesh S. Damani - Director

Mr. Yash Mahajan - Director

Mr. Vijay Aggarwal - Director

Mr. Anuj Kacker - Whole-Time Director

Ms. Madhu Jayakumar - Director


Rakesh Jhunjhunwala


Rakesh Jhunjhunwala is one of India’s better-known equity investors. A qualified Chartered Accountant (CA), he is a partner in his asset management firm, Rare Enterprises. He has been a keen and active participant in Indian capital markets since 1985.

In 1998, Mr. Jhunjhunwala was profiled by Business India magazine as one of India’s five best investors. His views are constantly sought-after by the media and he regularly interacts and shares his opinions with the investing community.

Mr. Jhunjhunwala is also on the Board of Bilcare Limited, Concord Biotech Limited, Geojit Financial Services Limited, Innovasynth Technologies (I) Limited, Mid Day Multimedia Limited, Nagarjuna Construction Company Limited, Praj Industries Limited, Prime Focus Limited, Provogue India Limited, Viceroy Hotels Limited & Tops Security Limited, among others.


C. Y. Pal

Vice Chairman

C. Y. Pal is the Chairman of Renfro India Private Limited. He also serves as President of the Franchising Association of India, a body affiliated to the World Franchising Council.

In 1991 - 92, Mr. Pal was the President of the prestigious Bombay Chamber of Commerce and Industry. He was also a member of the Management Committee of ASSOCHAM for many years.

He held a number of senior positions at Hindustan Lever Limited for 17 years. Mr. Pal has been associated with Cadbury India Limited as Managing Director for over 10 years and is currently their Non-Executive Chairman. He is also on the Board of Shriram Pistons & Rings Limited and United Breweries Limited.

He possesses a Bachelor's degree in Mechanical Engineering from Delhi University.


Ninad Karpe

Managing Director & CEO

Ninad Karpe is the Managing Director & CEO of Aptech Ltd. He was earlier Managing Director, CA (formerly known as Computer Associates) for India & SAARC. He had been associated with CA India since the company’s inception in the country.

He held numerous management responsibilities in CA India that include setting up offices in India, managing marketing, PR, technical services, HR, operations and finance.

In his capacity as Managing Director of the Indian operations of the world’s fourth largest software company, Ninad’s responsibilities included driving the adoption of CA’s technology and broadening and strengthening strategic partnerships in India.

Earlier, Mr. Karpe was Executive Director of CA India. In the past, he was a consulting specialist for companies seeking to invest in India. He has also authored several books on strategy, taxation and foreign investment in India and contributes regularly to newspapers, magazines and journals.


Utpal Sheth


Utpal Sheth is the Chief Executive Officer of Rare Enterprises, the asset management firm of Mr. Rakesh Jhunjhunwala. At Rare Enterprises, he is responsible for Investment Management, Risk Management and Institutionalization.

He is a Cost Accountant and Chartered Financial Analyst from ICFAI, Hyderabad (a Gold Medalist at an all-India level). In 1991, he was Director, Insight Asset Management (India) Private Limited as well as of HRS Insight Financial Intermediaries Private Limited. The former is an equity research & portfolio advisory firm while the latter is a broking company.

In 2001, he was the Principal Relationship Manager of investment banking with Enam Financial Consultants Private Limited.


Asit Koticha


Asit Koticha is the Managing Director of ASK Raymond James Securities India Private Limited, which deals with Institutional Brokerage, Investment Management and Corporate Finance-related activities.

He possesses a Bachelor’s Degree in Commerce from Mumbai University and brings with him over 20 years of rich experience in equity research and extensive contacts in the industry.

In 1983, Asit Koticha and his brother started ASK Investment & Financial Consultants Private Limited. The firm subsequently partnered with US-based Raymond James Financial Inc. and came to be known as ASK Raymond James Securities India Private Limited.

He has also been involved in providing research-based portfolio management services to high networth individuals.


Rajiv Agarwal


Rajiv Agarwal graduated in Chemical Engineering from the Institute of Technology, Benares Hindu University in 1993.

Currently, he is associated with Rare Enterprises, the asset management firm partly owned by Mr. Rakesh Jhunjhunwala. His focus is on growing Rare Enterprises’ strategic investments in diverse sectors - including healthcare delivery, hospitality & oil drilling.

He is also responsible for providing strategic inputs to Viceroy Hotels. Mr. Agarwal was associated with Aptech as a Consultant and had provided strategic inputs to the Company.

Mr. Agarwal is a Director on the Board of Core Hospitals in Hyderabad. For 12 years prior to December 2005, he was responsible for sales & delivery of Strategy & Operations consulting work at Accenture, a global management and technology consulting firm.

He has also worked with other companies in India, UK, UAE and Indonesia.


Ramesh S. Damani


Ramesh Damani is a Member of the Bombay Stock Exchange Limited and is one of the well-known faces of the stock broking community in India. He has been a Broker for over 16 years.

Mr. Damani holds a Bachelor’s Degree in Commerce from HR College in Mumbai and has a Master’s Degree in Business Administration from California State University, Northridge, US.

He was the well-known host of the TV show ‘Wizards of Dalal Street’ on CNBC TV18 and is frequently invited to comment on financial issues on business channels such as CNBC & NDTV. He also hosts a weekly chat show on


Yash Mahajan


Yash Mahajan is the Vice Chairman and Managing Director of Punjab Tractors Limited and Swaraj Mazda Limited. He is the Chairman of Swaraj Engines Limited and Swaraj Automotives Limited.

He has provided outstanding leadership to all these companies for the last two decades.

Mr. Mahajan is a Commerce Graduate and a Fellow Member of the Institute of Chartered Accountants of England and Wales. He is the recipient of ‘Marketing Man of the year’ awarded by the Institute of Marketing & Management in 1979.

He is also on the Board of Pidilite Industries Limited.


Vijay Aggarwal


Vijay Aggarwal is Managing Director of Prism Cement Limited, one of India’s leading integrated building materials company.

He graduated from IIT Delhi with a B.Tech in Electrical Engineering and completed his PGDM degree from IIM Ahmedabad, where he was conferred the gold medal for being the first ranker.

Mr. Aggarwal acts as an Independent Director on the board of Asianet Satellite Communications Ltd., Exide Industries Ltd., and Exide Life Insurance Company Ltd. He is also on the Board of Spur Cable & Datacom Pvt. Ltd. & Ardex Endura (India) Pvt. Ltd.

He has been the Chairman of Indian Council of Ceramic Tiles & Sanitaryware (ICCTAS), the apex body of ceramic tile industry in India, and has been the member of the managing committee of the Bombay Chamber of Commerce & Industry.


Anuj Kacker

Whole-Time Director

Anuj Kacker has been with Aptech since 2003. He has been the Chief Operating Officer (COO) at Aptech since 2010 and currently heads the Individual (Retail) Training Businesses of Aptech India. In his earlier roles at Aptech he has been head of International Business (2005-09) and Head of Marketing (2003-04).

An Electronics Engineer from the premier Indian Institute of Technology (IIT), Kanpur and a management graduate from the Indian Institute of Management (IIM), Kolkata, Mr. Kacker has over 26 years of experience in a variety of highly competitive industries like Pharmaceuticals, Paints, Consumer Durables and Education. Besides Aptech, his experience includes successful tenures in multinationals like ICI as well as other well known brands like Akai and Jenson & Nicholson.

Recognizing his talent and contribution, Mr. Kacker was awarded the ‘Indira Super Achiever Award’ for 2007 by the Indira Group of Institutes.

Mr. Kacker was also Chairman, International Franchising Committee and Member of the Core Council in Franchising Association of India in 2008.


Madhu Jayakumar

Letter of appointment Download


Madhu Jayakumar has been an independent portfolio manager in the financial markets for the past twelve years. Besides, she is the chairperson of Azad Trust, an NGO that works with women from slums. Azad Trust trains these underprivileged women in alternate professions and enables them to earn a livelihood with dignity. She is also closely involved with Sakha, a car rental service run by women, for women, children and senior citizens.

Ms. Jayakumar started her professional career in MMTC, where she worked in the counter-trade business group from 1985 to 1988. Between 1988 and 2000, she worked at Citibank (Investment Bank as well as Corporate Bank) in various functions and headed various groups. Her last assignment at Citibank was as Divisional Head for EMEA countries for implementation of the Global Six Sigma Quality initiative.

Ms. Jayakumar holds a BA (Arts) Degree with Maths Honours from Indraprastha College, Delhi University, and is an MBA from IIM-Ahmedabad.


Composition of the Committees

  1. Audit Committee
    • Mr. C.Y.Pal, Independent Director (Chairman of the Committee)
    • Mr. Ramesh Damani, Independent Director
    • Mr. Vijay Aggarwal, Independent Director
  2. Stakeholders Relationship Committee
    • Mr. Ramesh Damani, Independent Director (Chairman of the Committee)
    • Mr. C.Y.Pal,  Independent Director
    • Mr. Asit Koticha, Non Executive  Director
  3. Nomination and Remuneration Committee
    • Mr. Vijay Aggarwal, Independent Director (Chairman of the Committee)
    • Mr. C.Y.Pal, Independent Director
    • Mr. Utpal Sheth, Non Executive Director
    • Mr. Ramesh Damani, Independent Director
  4. Corporate Social Responsibility Committee
    • Mr. C.Y.Pal, Independent Director (Chairman of the Committee)
    • Mr. Rajiv Agarwal, Non Executive Director
    • Mr. Ninad Karpe, Managing Director & CEO