Realty firm Unitech Ltd on Thursday said Niranjan Hiranandani and Anoop Kumar Mittal have resigned as non-executive nominee directors of the company. In a regulatory filing, Unitech informed that Niranjan L Hiranandani and Anoop Kumar Mittal, Non-Executive – Nominee Directors of the company, resigned from the board with effect from August 10 and August 16, respectively.
Their resignations were intimated to the Ministry of Corporate Affairs (MCA).
The MCA through its letter dated September 7 has taken on record the resignations of Niranjan L Hiranandani and Anoop Kumar Mittal.
In July, two other non-executive nominee directors Renu Sud Karnad and Balasubramanyam Sriram resigned from the company’s board citing professional constraints.
A few years back, the Supreme Court had directed that the erstwhile board of directors of Unitech Ltd be superseded and the management be taken over by the new board of directors in terms of the proposal submitted by the Union government.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.
As per the regulatory filing, Niranjan Hiranandani, who is Chairman of real estate firm Hiranandani group, has resigned due to his personal and business commitments and thus being unable to devote time to the decision-making process of the company.
Mittal, former chairman of NBCC, has resigned from the company “due to his interest by possessing two plots in sector-96 and 97 of Unitech Limited, Noida which were bought by his father in the financial year 2013-14 and have been transferred to him after the death of his father in 2016.”
“I feel as a good governance practice and maintain transparency I should not be part of the Board and I tender my resignation…,” Mittal said in his resignation letter.
After the resignations of four nominee directors, the strength of the board has reduced to half.
Yudvir Singh Malik, lAS (Retd.) is currently the Chairman and Managing Director of Unitech Ltd. Jitu Virwani, Girish Kumar Ahuja, Prabhakar Singh are the other three nominee directors of the central government.
(Catch all the Business News, Breaking News Events and Latest News Updates on The Economic Times.)
Download The Economic Times News App to get Daily Market Updates & Live Business News.
