Britannia, Bombay Burmah's annual reports say businessman did not offer himself for reappointment to the board.
Jehangir Wadia has quit the boards of Britannia Industries and Bombay Burmah Trading Corp., withdrawing from all listed businesses of the $15-billion Wadia Group.
Jehangir, 48, in March resigned as managing director of his family-controlled airline of Go Airlines (rebranded as Go First). A month later, Bombay Dyeing and Manufacturing Company said Jehangir had stepped down as its managing director.
Britannia’s latest annual report last week said Jehangir (or Jeh in media reports) did not offer himself for reappointment to the board. Mint reports that two people aware of developments had told the newspaper Jehangir’s departure is connected to differences with their father, Nusli Wadia.
"Mr. Jehangir N Wadia, Non-Executive Director, who retires by rotation at the ensuing AGM in terms of Section 152 of the Companies Act, 2013, has not offered himself for re-appointment. The Board of Directors at their Meeting held on 30 July 2021 resolved not to fill the resulting vacancy, and the same is placed before,” said Britannia’s annual report.
Bombay Burmah's annual report carries an identical notice that says a resolution will be brought before shareholders at its annual meeting.
No comments:
Post a Comment