All Independent Directors and CFO of Balaji Amines resign

In a surprise announcement, Balaji Amines informed the following –

  • All five independent directors of the Company – Mr. Naveena Thammishetty Chandra, Mr. Kashinath Revappa Dhole, Mr. Satyanarayana Murthy Chavali, Mr. Amarender Reddy Minupuri and Mrs. Vimala Behram Madon have resigned as Independent Directors of the Company from the closing hours on 20th May, 2023; and
  • Mr. Hemanth Reddy Gaddam has resigned as Whole-time Director & CFO of the Company with effect from closing hours on 20th May, 2023 to focus on the subsidiary Company, Balaji Speciality Chemicals Limited.

The reasons attributed for the resignation of independent directors in official communication was mentioned as personal reasons and in 1 case as age related (Ms Vimala attaining the age of 75 yrs).

In case of CFO, he is moving into a subsidiary so as such will continue to form part of the group.

Such a mass resignation will surely not be liked by the market.

Interesting also check the attachment filed with the exchanges. All independent directors have used the same format of resignation letter. In a real world, how can it so be. They could have surely used a more personalised detailed letter given the sensitivity of the announcement.

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