Adani resigns from key post
In a surprising development, Gautam Adani resigned from the post of executive chairman of Adani Ports and redesignated as non-executive chairman. The company also said that the main promoter will cease to be a key management personnel with immediate effect. Adani Ports and Special Economic Zone Ltd (APSEZ) on Tuesday, in a regulatory filing, based on the recommendation of the nomination and remuneration committee, the board has approved redesignation of Gautam Adani from executive chairman to non-executive chairman with effect from August 5, and consequently, he would cease to be a key managerial personnel of the company.
According to Industry watchers, this might be a move from Adani to save himself from the ongoing probe in the United States. Adani is facing bribery charges of 255 million dollars in the US, and the US is also probing into the narcotics smuggling worth more than Rs.11,000 crore through Mundra Port, managed by Adani Ports.
The company appointed Manish Kejriwal as additional director (non-executive, independent) of the company for an initial term of three years from August 5, subject to the approval of shareholders within three months. In a statement, APSEZ said this change ensures compliance with the applicable provisions of the Companies Act, which restrict key managerial personnel from holding executive positions in more than one company simultaneously.
“Given that APSEZ already has two executive directors – a Managing Director and a Whole-Time Director & CEO – this re-designation will also enable Mr Adani to devote greater attention to the strategic direction and growth of other entities within the Adani Group. Mr Adani continues to serve as the Chairman of APSEZ,” the company said. APSEZ is part of the globally diversified Adani Group, with a national footprint of 15 ports and a presence in four ports outside India. Adani Ports controls more than 25 percent of the traffic in India.
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Good move. One’s karma shadow should not fall on the company