Vodafone directors quit Bharti board

NEW DELHI: British mobile giant Vodafone's two nominees on the Board of Bharti Airtel have resigned following its takeover of Hutch-Essar and stake sale in the Sunil Mittal-led company.
Bharti Airtel chairman and managing director Sunil Mittal informed about the decision at a CII meeting. He said that both the directors – Gavin Darby and Paul Donovan – have resigned.
Donovan is CEO Eastern Europe, Middle East, Asia Pacific and affiliates, while Darby is CEO for America, Africa, China and India. Donovan was inducted on Bharti Board in April 2006.
A Vodafone spokesperson also confirmed the decision. In January, the Vodafone directors had abstained from the Board meeting when the company was in the race to acquire Hong Kong-based Hutchison Telecom International's stake in India's fourth-largest mobile operator Hutch Essar Ltd.
Vodafone held 9.9 per cent stake in Bharti Airtel. After the Hutch-Essar deal in February, Vodafone sold 5.6 per cent direct stake in Bharti Airtel to the promoters for $1.6 billion on a deferred payment basis. But Vodafone still retains a 4.4 per cent indirect stake in the Indian telecom firm.
The two companies have also signed a Memorandum of Understanding relating to a comprehensive range of infrastructure sharing options in India, with an emphasis on rural areas.