AK Ganguly, Kingfisher's last independent director resigns
19 Mar 2012
In yet another blow for struggling Kingfisher, its last independent director, Institute of Chartered Accountants of India (ICAI) member Anil Kumar Ganguly the lone remaining independent director.A K Ganguly today stepped down from the board
With this all the five independent directors have stepped down.
In the last few days the resignation of Vijay Amritraj, who had put in his papers, was accepted by the board.
Among those who have left is a former chief of markets regulator Securities and Exchange Board of India, G N Bajpai, retired IAS officer Piyush Mankad, though kingfisher has yet to accept their departure from its board.
rediff.com founder Diwan Arun Nanda was the first to leave in September 2011.
Chairman Vijay Mallya, vice-chairman Subhash Gupte, and president and chief financial officer A K Ravi Nedungadi are the remaining board members.
With these departures, Kingfisher will be forced to appoint new independent directors within six months as stipulated by Clause 49, a condition which it may be hard-pressed to meet.
According to clause 49, if the chairman of the company is an insider, at least half the directors must be outside, independent directors.
Failure to comply with the condition, could invite regulatory action from Sebi.