Four directors, including two investor nominees Archana Niranjan Hingorani and Rajiv Maliwal besides Rajasekhara Reddy and V Harish Kumar, have resigned from the board of Ramky Infrastructure Ltd, a company engaged in construction, infrastructure development and management, as per a stock market disclosure.
The board of directors at its meeting held on November 13, 2014 approved the resignation of these four people and also approved the appointment of Krishna Kumar Gangadharan as an additional director of the company.
Hingorani and Maliwal were non-executive nominee directors while Reddy and Kumar were independent directors.
Hingorani is chief executive officer of IL&FS Investment Managers Ltd (IL&FS PE), a listed PE firm in India. She has resigned to comply with new corporate governance norms which restrict the number of directorships for individuals.
She has been representing IL&FS PE, an existing investor with 3.18 per cent stake in Ramky. Gangadharan, a senior executive with IL&FS PE would replace Hingorani in the portfolio firm.
Maliwal, represented Sabre Capital, which holds 7.28 per cent in Ramky. He has stepped down to comply with his fund’s requirement that he may not be associated as a director with any portfolio firm for more than five years.
Incorporated in 1994, Hyderabad-based Ramky Infra is a part of Ramky Group. The group is engaged in infrastructure, enviro engineering, estates and farms, life sciences, finance and investments.
(Edited by Joby Puthuparampil Johnson)