Shantanu Yeshwant Nalavadi, partner of private equity firm New Silk Route (NSR) who served as a nominee director of the investment firm on the board of regional cable TV and broadband distribution firm Ortel Communications Ltd, has resigned as director of Ortel, the company said in a stock market disclosure on Tuesday.
Last week, VCCircle reported that Nalavadi has also quit NSR.
However, the disclosure states the resignation is pursuant to the termination agreement dated February 14, 2015 as per which NSR's nominee director shall cease to be a director of Ortel after the company goes public. Ortel, which completed its initial public offer early this month, listed on the bourses on March 19.
Nalavadi joined NSR in 2007. Previously he was at Walt Disney Company, responsible for its India strategy, business development and growth initiatives across all of its businesses, including media network, studio, parks and entertainment, retail and consumer products.
Before joining Disney, he was with Star TV (then a subsidiary of News Corp) for five years (2000-2005) and was responsible for identifying strategic growth opportunities for its Indian media business, through M&A, green-field projects and JVs.
In the past, he has also worked with ANZ Investment Bank across project finance (financial advisory and debt placement) and corporate finance (acquisitions, divestitures, mergers and JV advisory) businesses.
(Edited by Joby Puthuparampil Johnson)