Mumbai: Beleaguered firm Kingfisher Airlines has taken on board three independent directors to comply with the listing norms, a week after its lone independent director walked out citing poor health condition.
According clause 49 of Sebi's Listing Agreement, at least 50 per cent of the Board of Directors should comprise of independent directors. After the exit of Anil Kumar Ganguly, the Kingfisher board was left with just three directors of whom none were independent directors.
"The company, therefore, in order to comply with the Listing Agreement has to appoint three independent directors.
The company proactively already taken steps and has obtained the consent of Manmohan Singh Kapur, Lalit Bhasin and Shrikant Ruparel to join the board o directors of the company as independent directors," KFA said in a filing to the BSE.
Kapur, a banker with over 39 years of experience, was the Chairman and Managing Director of Vijaya Bank, while Lalit Bhasin is a corporate lawyer of repute and heads law firm Bhasin & Co.
Another director, Shrikant Ruparel was the former Managing Director of Kolhapur Sugar Mills.
Besides the three directors, the airline has on board CMD Vijay Mallya, vice-chairman Subhash Gupte and CFO Ravi Nedungadi.
However, Kingfisher added, the appointment of the three directors would require security clearance for which an application has already been filed with the Home Ministry.
The airline is reeling under the debt of Rs 7,057.08 crore and the financial crunch has hit its operations with dozens of flights being cancelled.
On Tuesday, the ailing airline said it has temporarily suspended operations from several major cities, including Kolkata and Hyderabad, and has asked nearly half of its 7,000-odd employees to stay at home till it managed to infuse fresh funds.
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