New Delhi, Aug 17 (IANS) Two-wheeler manufacturer Hero MotoCorp on Wednesday informed the BSE that Sunil Kant Munjal has ceased to be a “promoter” of the company with effect from August 16.
“Sunil Kant Munjal’s tenure as Joint Managing Director of the company ends on August 16, 2016. He has also resigned from the Board of Directors of the Company with effect from the same date,” the company said in a regulatory filing, with reference to an earlier letter dated July 27.
“In addition, we have received a communication from the individual promoters of the company stating that pursuant to the aforesaid realignment, Sunil Kant Munjal will henceforth, not be classified as a promoter of the company.”
However, the statement pointed out that Munjal will continue to hold 32,500 equity shares of the company representing 0.02 per cent of the issued and paid up share capital of the company in his individual capacity.
In a regulatory filing dated July 27, 2016 regarding realignment of business interests amongst the promoters of the company, Munjal had “expressed his desire to step down from the Board of Directors of Hero MotoCorp, once his tenure as the Joint Managing Director of the Company comes to an end on August 16, 2016.”
“This realignment will not impact the overall promoter shareholding, strategic direction or operational management of the company,” the earlier regulatory filing had stated.