Aditya Birla Group Chairman Kumar Mangalam Birla has resigned as Non-Executive Director and Executive Chairman of Vodafone Idea Limited. This was acknowledged by the company’s governing body on Wednesday. The company has appointed Himanshu Kapaniya as the new non-executive director and non-executive chairman to replace Kumar Mangalam Birla. In June, Kumar Mangalam Birla wrote to the cabinet secretary to hand over his stake in Vodafone and Idea to a government or finance company.
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What did the company say about this decision?
After the resignation of Kumar Mangalam Birla, the company issued a statement saying, “The Board of Directors of Idea Vodafone Limited has accepted Kumar Mangalam Birla’s resignation as Non-Executive Director and Non-Executive Chairman.”
A loss making company
The company had suffered a loss of Rs 2700 crore after Kumar Mangalam Birla wrote the letter. In his letter, Kumar Mangalam Birla has spoken of handing over his 27.66 per cent stake to any person deemed appropriate by the government to remove the public sector / government / domestic financial institution or company from losses. At the same time, Birla also stated that the situation of VIL (Vodafone Idea Limited) is worsening rapidly. The company needs Rs 25,000 crore to clear its plans and dues for the government. Let us tell you that the company failed to raise this amount after all efforts.
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