Realty firm Unitech Ltd. on Thursday said Renu Sud Karnad and Balasubramanyam Sriram, who are non-executive nominee directors, have resigned from the company's board citing professional constraints.
While Karnad, who is the managing director of HDFC Ltd., resigned from Unitech board on March 24, Balasubramanyam Sriram stepped down on June 13, according to a regulatory filing.
A few years back, the Supreme Court had directed that the erstwhile board of directors of Unitech Ltd. be superseded and the management be taken over by the new board of directors in terms of proposal submitted by the Union government.
The ministry of corporate affairs proposed the constitution of a new board, which was approved by the Supreme Court on January 20, 2020.
The ministry appointed eight nominee directors, including Renu Sud Karnad and Balasubramanyam Sriram.
On Thursday, Unitech said their resignations have already been intimated to the ministry.
The ministry, through a letter dated July 6, has taken on record the resignations of Renu Sud Karnad and Balasubramanyam Sriram from their respective dates of resignation, as per the filing.
Giving reasons for the resignations, Unitech informed that Renu Sud Karnad is serving as an independent director/director on the board of several listed/unlisted companies.
"This has brought constraints in her role as the executive of Housing Development Finance Corporation Ltd. Being overboarded for being on the board of several companies, she has resigned from the company citing professional constraints," the filing said.
Balasubramanyam Sriram has resigned from the company on account of being over occupied professionally and thus being unable to invest considerable time towards the working of the company.
"... there are no other material reasons for their resignations other than those provided above," Unitech said.
Yudvir Singh Malik, lAS (Retd.) is currently the chairman and managing director of Unitech Ltd.
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