New Delhi: In less than seven months, four of five independent directors on the board of Kingfisher Airlines have abandoned the carrier, deepening the leadership crisis at the cash-strapped airline. Among those who have left is a former chief of markets regulator Securities and Exchange Board of India (Sebi), G N Bajpai.
In a filing to the Bombay Stock Exchange (BSE) Wednesday, the company admitted that former tennis ace Vijay Amritraj has resigned from the board due to personal reasons.
Diwan Arun Nanda, the founder of rediff.com, quit in September 2011. Retired IAS officer Piyush Mankad too has left in the past six months. The company is yet to accept the resignations of Bajpai and Mankad, however.
When contacted, Bajpai confirmed he has quit. “I am confined due to health reasons. I resigned from Kingfisher long ago,” he said in a text message, declining to elaborate.
The strength of the Kingfisher board is now down from eight to four. Institute of Chartered Accountants of India (ICAI) member Anil Kumar Ganguly is the lone remaining independent director. Chairman Vijay Mallya, vice-chairman Subhash Gupte, and president and chief financial officer A K Ravi Nedungadi are the remaining directors on the board. Repeated queries to Kingfisher on the matter remained unanswered.
15/03/12 Smita Aggarwal/Indian Express
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