Milestone Capital Advisors Ltd, a home-grown alternate asset management firm managing assets nearing $1 billion, has inducted its late founder’s wife Rubi Arya and brother Ashwein Arya on the board. The announcement comes a week after the sudden death of its young founder and chief executive Ved Prakash Arya.
VCCircle was the first to report the development that the company’s management would meet on September 5 to induct the representatives of the family on the board of directors.
The board, while reposing confidence in the existing management, formally constituted a managing committee to ensure that the firm would continue to grow rapidly, based upon the vision and principles laid down by the late Ved Prakash Arya. The managing committee includes members of the senior management – namely, Ashish Joshi, Paritosh Kakkad, Navin Kumar and Sumit Somani. Board members also extended their whole-hearted gratitude to business associates, partners, investors and well-wishers for remembering Ved Prakash Arya in a very special way and for their continued support, a spokesperson for the company said in a statement today.
Although Ruby Arya has not been involved in the business and has no fund management experience, she gets in by virtue of the promoter group’s holding of 87 per cent stake in Milestone Capital, largely through privately held firms, as per the DRHP filed last year.
Even though Milestone has formed a managing committee, it seems that the company has not yet decided upon a supremo who will run the asset management firm.
Other directors on the board are Nawshir Dara Khurody (former MD of Voltas), Amit Dalal (executive director, Tata Investment Corp), Raj Narayan Bharadwaj (former CMD of LIC), Bhagyam Ramani (executive director, GIC), V K Chopra (former CMD of Corporation Bank and SIDBI), Ashish Joshi (whole time director & Managing Partner – Real Estate, Milestone Capital), Paritosh Kakkad (whole time director, CFO, Head of Risk Management, Milestone Capital), besides two independent directors – Pravin Shah and Arvind Bansal.
Also read: Milestone Capital: What Next After Ved Prakash Arya?