Governance Structure

CHAIRMEN EMERITI

ASHOK M ADVANI – CHAIRMAN EMERITUS

Ashok M Advani is an MBA from the Harvard Graduate School of Business Administration, an Electrical Engineer from MIT, USA and a BSc (Honours) from Mumbai University. His professional career with Blue Star spanned more than 47 years, including 33 years as Chairman. During this period, revenues multiplied more than 400 times and the Company established itself as a leader in the Air Conditioning and Commercial Refrigeration industry in India. He retired from the Board in November 2016.

In recognition of his long and distinguished leadership of Blue Star, Mr Advani was appointed Chairman Emeritus and is an invitee at Board Meetings. He continues his association with the Company as an Advisor to the Board and the Executive Management.

 

SUNEEL M ADVANI – CHAIRMAN EMERITUS

Suneel M Advani is a double graduate in Electrical Engineering and Economics from MIT, USA. He also holds an LLB degree from Mumbai University.

Mr Advani spent his entire working career in Blue Star, joining as a Management Trainee in 1969 and moving up steadily to President and Vice Chairman in 1984. He retired from his executive position in 2014, and was designated Vice Chairman of the Board. He was elevated to Chairman of the Board from December 2016. After spending 50 years in the Company including 36 years on its Board, he retired as Chairman of the Board on March 31, 2019. In recognition of his long and exemplary leadership of Blue Star, he was appointed Chairman Emeritus on April 1, 2019. He continues his association with the Company as an advisor to the Board and the Executive Management.

Mr Advani established Blue Star’s presence in computer software development and export, and when this division was spun off to become Blue Star Infotech Ltd in 2000, he assumed the position of Chairman there and later, Managing Director as well, in addition to his responsibilities in Blue Star.

In the span of his career, Mr Advani formed many joint ventures with global majors such as HP, Motorola and Stork-Comprimo in the hi-tech area, and with Indian entities in the Air Conditioning Ancillaries field. For Blue Star and Blue Star Infotech, he conceived and completed several corporate acquisitions. Over the years, he served on the managing councils of several industry and trade bodies, such as CII, and is the founder and a Past President of the Refrigeration and Air Conditioning Manufacturers’ Association (RAMA).

BOARD OF DIRECTORS

SHAILESH HARIBHAKTI – CHAIRMAN

Shailesh Haribhakti is a renowned Chartered and Cost Accountant, and a certified Internal Auditor, Financial Planner, and Fraud Examiner, with over four decades of experience. He has been conferred with the Global Competent Boards Designation (GCB.D) by Competent Boards Inc. He is a strong supporter of a clean and green environment, and has successfully established the concept of ‘Innovate to Zero’ in the social context.

Mr Haribhakti joined the Board of Blue Star in 2005 as an Independent Director and he took charge as Chairman with effect from April 1, 2019. In addition, Mr Haribhakti is currently the Non-Executive Chairman of the Board of L&T Finance Holdings Limited, L&T Mutual Fund Trustee Ltd, Future Lifestyle Fashions Limited, and NSDL e-Governance Infrastructure Limited, amongst others. He is the Vice Chairman of GOvEVA consulting Pvt Ltd. He is also a Board Member of a number of leading companies including Brookprop Services Pvt Ltd (A Brookfield REIT), Torrent Pharmaceuticals Ltd, Bennett Coleman and Company Ltd (Times Group), Ambuja Cements Ltd, ACC Ltd, Bajaj Electricals Ltd, Gaja Trustee Company Pvt Ltd (Gaja Capital Group), and Epigeneres Biotech Pvt Ltd. In recent times, some prominent Boards and Board Committees led by him have been recognised with coveted awards, which speak of his penchant for excellence in the areas of corporate governance and sustainability initiatives.

Mr Haribhakti has been associated with a number of management institutions as well as industry and professional forums. He has led Bombay Management Association; Institute of Internal Auditors, Bombay Chapter; Western India Regional Council, Institute of Chartered Accountants of India; Indian Merchants Chambers; Financial Planning and Standards Board, India; and Rotary Club of Bombay; over the last many decades. He has served on the Standards Advisory Council of the International Accounting Standards Board in London for two years and was Chairman of the NPS (National Pension Scheme) Trust from 2015-2017.

VIR S ADVANI - VICE CHAIRMAN & MANAGING DIRECTOR

Vir S Advani holds Bachelors Degrees in Systems Engineering and in Economics from the University of Pennsylvania. He has also completed a comprehensive Executive Management Program at Harvard Business School.

Mr Advani, after a 2-year working stint in private equity in New York, joined Blue Star Infotech Ltd in 2000 and then founded Blue Star Design and Engineering Ltd in 2003, designated as its Chief Executive Officer. In 2007, he moved to Blue Star as Vice President-Corporate Affairs and later became Executive Director in 2010. In April 2016, Mr Advani was appointed as the Managing Director of the Company, and in April 2019, he was elevated to Vice Chairman and redesignated as Vice Chairman & Managing Director. In his enhanced role, Mr Advani is the primary interface between the Board and the Executive Management, and directly oversees the Professional Electronics & Industrial Systems business, International Operations, Corporate Finance, Corporate Human Resources, Information Technology and Corporate Planning.

Mr Advani is a Director of Blue Star Engineering & Electronics Ltd. He is an elected member of the CII National Council and member of various National Committees including International and EXIM.

B THIAGARAJAN - MANAGING DIRECTOR

B Thiagarajan is a Bachelor of Engineering in Electrical and Electronics from Madurai University. He has also completed the Senior Executive Program of London Business School. He has around four decades of experience, having worked for reputed companies such as Larsen & Toubro Ltd, BPL Systems Ltd and Voltas Ltd, prior to joining Blue Star in 1998.

Mr Thiagarajan has handled various assignments in the Service business, Corporate Communications & Marketing and Corporate Affairs & Planning before he was promoted as President - AC&R Products Group in 2009. He was appointed as Joint Managing Director in 2016 and took charge as Managing Director in 2019. He currently oversees Sales, Marketing, Supply Chain and Service Operations pertaining to the Products & Projects Businesses; Manufacturing and R&D; Corporate Communications; Public Relations and Corporate Marketing Services.

Mr Thiagarajan plays an active role in various industry fora, and is currently the Chairman of Confederation of Indian Industry (CII), Western Region. He is the Past Co-chairperson of the CII National Agriculture Council, Past Chairman of CII Maharashtra State Council and Past President of Refrigeration and Air Conditioning Manufacturers Association (RAMA). He is a nominated member of the CII National Council.

SAM BALSARA - INDEPENDENT DIRECTOR

Sam Balsara is Chairman of Madison World, which is amongst India’s largest media and communication agencies. He holds a Bachelor’s degree in Commerce and a Post Graduate diploma from Jamnalal Bajaj Institute of Management Studies. He has over 45 years of extensive experience in marketing, advertising and media. Mr Balsara started his career at Sarabhai’s in 1972, with stints thereafter at Cadbury India Ltd, Contract Advertising Company (WPP) and Mudra Communications, before founding Madison in 1988.

Mr Balsara has won many accolades such as ‘The Most Influential Person in Media’ by Economic Times-Brand Equity for 10 consecutive years; IAA Leadership Award for Media Agency Professional of the Year, 2013; ‘Lifetime Achievement Award’ in 2009 from Advertising Agencies Association of India; and has been a jury member at the International Festival of Advertising in Cannes in 2005 as well as 2014; to name a few. He has held prestigious positions in several associations such as President of AAAI of which he continues to be an Executive Committee member; and Chairman of The Advertising Standards Council of India, 2000-2001 and presently its Advisor; amongst others. Mr Balsara joined the Blue Star Board in June 2017.

ANIL HARISH - INDEPENDENT DIRECTOR

Anil Harish is a Partner at the law firm, D M Harish & Co, and his practice includes many diverse areas of law including Property, Exchange Control, Foreign Investments, Trusts, Wills, and Indian as well as International Taxation. He has been on the Managing Committee of Indian Merchants Chamber, Chamber of Tax Consultants and ITAT Bar Association. He has also been an office bearer of several institutions in the legal field, such as the Society of Indian Law Firms, of which he was the Vice President. Mr Harish has been ranked by the prestigious legal directory of Chambers & Partners as a leading tax lawyer. He has authored several articles which have been published in leading newspapers and professional journals.

Mr Harish joined the Board of Blue Star in November 2017. He is a Director of reputed companies including Hinduja Global Solutions Ltd and NXT Digital Limited. He is also involved with a number of educational and charitable trusts, and is a Trustee of the Hyderabad (Sind) National Collegiate Board.

RAJIV R LULLA - NON-EXECUTIVE DIRECTOR

Rajiv R Lulla is a Founding Partner at Deep Blue Advisors, and the Founder of Voltaire Advisory Services, a technology-enabled financial services firm. He holds a Bachelor’s degree in Mechanical Engineering with Electronics from King’s College, London, and a Master’s Degree from Imperial College, London.

Mr Lulla has over 25 years of experience primarily as an investment banker specialised in merger advisory and corporate finance, and has completed transactions representing a combined value in excess of USD 220 billion across multiple industry sectors and geographies. He has held senior global leadership roles at Merrill Lynch, the Credit Agricole Group, and Deutsche Bank, based in New York, London, Paris and Hong Kong.

 

SUNAINA MURTHY - NON-EXECUTIVE DIRECTOR

Sunaina Murthy joined the Blue Star Board with effect from April 1, 2019. She holds a Bachelor’s degree in Molecular Genetics from the University of Rochester, and a Master’s degree in Biotechnology from Northwestern University. She began her career as a cancer researcher at the University of Pennsylvania, and then worked at a venture capital firm specialising in life sciences. Thereafter, she co-managed a USD 3 billion healthcare fund for AIM Capital Management, USA, where she made investments in publicly traded companies in the areas of biotechnology, medical devices, pharmaceuticals, hospitals and other healthcare services. Since moving back to India in 2006, she has and continues to consult for US and India based venture capital firms who invest in the life sciences and healthcare sectors, and for companies in the life sciences space. She has served on the Board of Trustees of the Blue Star Foundation for the past 8 years.

 

ANITA RAMACHANDRAN - INDEPENDENT DIRECTOR

Anita Ramachandran, a well-known HR expert in the country having over 40 years of experience as a management consultant joined Blue Star as an Independent Director with effect from June 13, 2022.

Commencing her career in the Management Consultancy division of AF Ferguson & Co at Mumbai in 1976 as the first woman consultant in the firm, Ms Ramachandran worked across a wide range of areas such as industrial market research, strategy, and human resources, amongst others. After a successful stint of 19 years with the firm, she founded Cerebrus Consultants in 1995 to focus on HR advisory services. Her reputation and innovative work helped her build Cerebrus into a national presence along with a large portfolio of work in Bangladesh and Sri Lanka. Cerebrus over the course of the last 26 years, has worked with over 800 companies in South Asia on a wide variety of HR projects. Ms Ramachandran is known as an authority in Rewards Management in the country and her work in the compensation and rewards area is well recognized. Apart from being a strategic advisor to many family groups, she works with several PE firms and start-ups to mentor them through their growth journey.

Ms Ramachandran has been an Independent Director on the Boards of several companies from across sectors for the last 20 years. She is currently on the Board of several reputed companies such as Grasim, Metropolis Healthcare, Happiest Minds, FSN E-commerce, amongst others.

 

ARVIND K SINGHAL - INDEPENDENT DIRECTOR

Arvind K Singhal is the Founder & Chairman of Technopak Advisors, one of India’s leading management consulting firms focusing on four key sectors that include Consumer Products & Retail, Textiles & Apparel, Food & Agriculture, and Skills Development. He is also an Independent Director on the Boards of Welspun India, Greaves Cotton Limited, and Metro Brands Limited. He is also serving on the Board of Governors of Indraprastha Institute of Information Technology – Delhi (IIIT – Delhi). He holds an Engineering degree from IIT-Roorkee (Electronics & Communication), which has also recognised him as a ‘Distinguished Alumnus,’ and an MBA (Finance & Marketing) from UCLA, USA. He joined the Blue Star Board with effect from February 5, 2019.

 

DINESH N VASWANI - NON-EXECUTIVE DIRECTOR

Dinesh N Vaswani is the Founder and Managing Director of Acuitas Capital Advisors Pvt Ltd, a multi-family investment office focused on advising families on their investment portfolios in India. He has over three decades of experience in both investing in and operating companies in India and the US. He holds an MBA from the Wharton School of Business and a BBA cum laude from the University of Texas at Austin.

Mr Vaswani was the Managing Director at Temasek Holdings Advisors India Pvt Ltd, established Bessemer Venture Partners’ operations in India, and was CEO of Blue Star Infotech, USA. He has served on a number of Boards of public and private companies including Firstsource, Mindtree, Venture Infotech, and Borosil.

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