MK Sharma steps down as Independent Director at Vedanta; Stock gains 2%

MK Sharma has confirmed to the Company that there are no other material reasons for his resignation.

Oct 04, 2021 10:10 IST India Infoline News Service

Vedanta Limited has informed that MK Sharma has stepped down from his post of Non-Executive Independent Director of the Company from the close of business hours on Friday, October 1, 2021 due to personal reasons and pre-existing commitments.

Sharma has confirmed to the Company that there are no other material reasons for his resignation. 

In his resignation letter, MK Sharma said, "It has been a privilege to serve on the Board of Vedanta Limited as an Independent Director for some years.

For certain personal reasons and pre-existing commitments (before I joined the Board) which have sign ificantly increased in their ambit and scope and consequently time commitment required for the same, I have decided to resign from the Board effective from the close of business hours on October 1, 2021.

This communication is intended to serve as my resignation letter as an independent director of the Company.

"Further, I wish to acknowledge the cooperation and courtesies extended to me during my tenure by the Board membe rs, the executive leadership team and the interna l audit and secretarial team of the Company. I also wish to thank the Board for the trust and confidence reposed in me."

He added, "I shall be grateful if my resignation is noted and appropriate filings done with Regulatory authorities under advice to me."

At around 10:58 AM, Vedanta was trading at Rs291 apiece up by Rs5.3 or 1.86% on Sensex.

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