India Gate Basmati chair terms independent director's exit 'hostile', denies governance lapses

Our Founder & MD, Mr. Shriram Subramanian, has shared his views in Live Mint on the governance issues flagged by the resignation of independent director Anil Kumar Chaudhary from KRBL Ltd, who raised concerns over CSR fund usage, receivables write-offs, arbitrary pay decisions, and board-level transparency.

He noted that if investors had confidence in the KRBL management commentary, the stock price would have recovered after the 10% fall on the day the letter was disclosed. The capital market regulator, Securities and Exchange Board of India, should issue a show-cause notice or institute a forensic audit, as investors see the letter by the independent director as a red flag. It is not easy for the company to regain its reputation, he added.

Read the full article : https://www.livemint.com/companies/india-gate-basmati-rice-krbl-anil-kumar-mittal-anil-kumar-chaudhary-resigns-independent-director-11758546229646.html