3 independent directors quit Sahara Group

MUMBAI: A fortnight before the battle between Sahara Group and capital market regulator Sebi enters what could well be its final lap, three independent directors of other Sahara Group companies have resigned. Former Reserve Bank of India deputy governor AmitavaGhosh stepped down from the boards of four Sahara firms followed by retired Supreme Court judge S Mohan and former chairman of New India Assurance AC Mukherjee.All three have cited either health or personal reasons for putting in their papers.
Ghosh was a director in Sahara Prime — a company with sizeable land bank and assets — Sahara Life, Sahara Mutual Fund and Sahara Hospitality, which owns the group's five-star hotel in Mumbai among things. Justice (retd) Mohan was the independent trustee of the Sahara Group's asset management company while Mukherjee was an independent member on the board of the life insurance firm.