Rathi Steel and Power today said its Managing Director Pradeep Kumar Rathi has resigned from the post with effect from July 28, 2016.
“The company, after due considerations, on August 24, 2016 has accepted Pradeep Kumar Rathi’s request to vacate his office as Director and Managing Director of the company with effect from July 28, 2016,” it said in a regulatory filing.
Rathi, who has been on company’s Board of Directors since August 27, 1994, was monitoring the day to day affairs of the company.
Rathi Steel & Power (erstwhile Rathi Udyog Ltd) is a part of the Delhi-based P C Rathi Group.
In June, the firm had informed that its CEO Udit Rathi has also resigned from his post with effect from May 17, 2016.
Besides, its Board in meeting held in June had considered and approved the demerger/or hiving of the Ghaziabad and Orissa units of the company on slump sale basis to unlock the value and to arrive at long term viability solutions.
Its Ghaziabad unit consists of steel rolling mills having an installed capacity of 1.25 lakh tonnes per annum (LTPA), a wire rod mill and steel melting shop with 40,000 TPA installed capacity comprising for manufacturing high end value added stainless steel and alloy steel products.