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Monday, July 25, 2011
Amitabh Bachchan resigns from Amar Singh-led firm!
Amitabh Bachchan has resigned from the board of Energy Development Company Ltd., a firm run and promoted by politician Amar Singh in which he has been a shareholder.
In a regulatory filing, Energy Development Company Ltd (EDCL) said Bachchan has resigned as its independent director and its board in a meeting held on Monday accepted the resignation.
EDCL also said that its Executive Chairman Amar Singh has expressed his inability to continue in the executive position and would become its non-executive Chairman from next month.
Singh's current term as Executive Chairman will end on July 31 and he has expressed his desire to discontinue his executive role due to ‘time constraints’, the company said.
Bachchan and Singh, who were close for a long time, parted ways over a year ago.
In another board-level change at his company EDCL, industrialist Harshvadhan Neotia has also resigned from the board as independent director and the same has been accepted. The UP Electricity Regulator Commission's former Chairman Vijoy Kumar has been appointed as an independent additional director.
Bachchan has previously held 10 lakh shares in the company, whose shares today closed at Rs 34.15.
All the promoters, who include Singh and his wife Pankaja Kumari Singh, together hold 56.36 per cent stake in EDCL, which is currently valued at about Rs 100 crore.
In the past, Bachchan has been a shareholder, initially as promoter shareholder and later as public shareholder in the company with 10 lakh shares.
Does this mean Amar Singh's ship is really sinking?