Karvy Group CMD resigns from Granules India board

Hyderabad: Beleaguered

Karvy

Group’s chairman and managing director C Parthasarathy has stepped down from the board of Hyderabad-based pharma player

Granules

India Limited. Parthasarathy was serving as independent director on the company’s board since May 27, 2009.

Granules India informed the bourses on Thursday that Parthasarathy had resigned from its board as independent director on December 24 and his resignation was received on December 26, 2019.

“This is to inform the exchange that C Parthasarathy has resigned as independent director of the company and the board of directors has taken note of the same. His resignation is effective December 26, 2019,” Granules informed BSE in a regulatory filing on Thursday.

In his resignation letter, Parthasarathy said: “Further to the discussions that the undersigned had with your chairman and managing director C Krishna Prasad, I hereby tender my resignation from the board of governors of Granules India Ltd. I would be grateful if necessary formalities pertaining to my resignation are completed at the earliest and the details are intimated to me.”

While Parthasarathy did not specify any reasons for his decision to quit the Granules board, when contacted, Granules India CMD C Krishna Prasad said Parthasarathy had resigned due to his preoccupation with other committments. “He had compulsions on his time due to other committments. We appreciate his contribution to the company and are sad to see him go,” Krishna Prasad told TOI.

Parthasarathy, however, continues to be on the board of another listed Hyderabad-based company Pennar Industries Ltd as independent director.

It may be recalled that, Parthasarathy had to resign from the board of erstwhile Karvy Fintech Pvt Ltd (now known as KFin Technologies Pvt Ltd) in November end this year due to pressure from mutual funds after stock market regulator Sebi banned Karvy Stock Broking Ltd from taking on new clients following the broking firm’s failure to comply with Sebi norms on pledging client securities for borrowings. KSBL had pledged the securities of around 95,000 clients to raise over Rs 2300 crore from various banks and financial institutions.

KFin Technologies, which serves as registrar and transfer agent to several fund houses, is majority owned by General Atlantic and underwent a rechristening to disassociate itself from the scam-hit Karvy brand.


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