KP Singh Resigns As DLF’s Whole-Time Director, To Remain Non-Executive Chairman
KP Singh, after much persuasion, has agreed to continue as non-executive director designated as chairman, says DLF.
DLF Ltd.'s Kushal Pal Singh has resigned as whole-time director but will continue to be its non-executive chairman, the real estate firm said in a regulatory filing on Monday.
DLF shareholders' approval has been sought on a resolution through postal ballot for "appointment of KP Singh for continuation as a non-executive director (designated as chairman of the company.)", the exchange filing said.
The shareholders had at the company’s July 30 annual general meeting approved KP Singh’s reappointment as a whole-time director designated as chairman for a period of five years with effect from Oct. 1, 2018.
However, Singh at the DLF AFGM informed shareholders that it might not be possible for him to continue as a whole-time director. The DLF board then met to discuss his resignation and accepted the same.
“However, the board unanimously agreed it is necessary for the company to continue to avail the benefit of Dr. Singh's invaluable experience and knowledge of the real estate business,” DLF said in Monday’s exchange filing.
"At the request of the members of the board, KP Singh, after much persuasion, has agreed to continue as non-executive director designated as chairman," the postal ballot notice said.
On Monday, DLF shares rose 0.78 percent to Rs 178.95 apiece on the BSE while the benchmark Sensex gained 0.14 percent to end the day at 37,402.49 points.