Amritanshu Khaitan, part of the promoter family of McLeod Russel India, the country’s largest bulk tea producer, has stepped down from the company’s board. The company said in a stock exchange filing on Wednesday that Khaitan had resigned for personal reasons on March 17. His resignation is effective immediately, the company said.
The move is seen as a step to address governance issues within the company, industry sources said. In his resignation letter, Khaitan said that his role on the board was limited to that of a non-executive director. “My access to information has been confined to such information as was provided to the board in the ordinary course of board proceedings,” he said.
“For the sake of clarity, I wish to place on record that I have not been involved in, nor have I participated in, the day-to-day management, operational affairs, or executive decision-making of the company,” Khaitan said. He also added that his resignation from the board would allow him to focus on other areas and manage time commitments more effectively. Khaitan will continue to be a promoter of McLeod Russel, sources said.
Grandson of Brij Mohan Khaitan, Amritanshu had joined the McLeod Russel board and other group companies after the demise of his father Deepak Khaitan in 2015. In the last four years since the Burmans of Dabur India took control of dry cell battery major Eveready Industries India, Khaitan had focused on group company Kilburn Engineering. Brij Mohan Khaitan’s younger son Aditya Khaitan and Amritanshu uncle’s is a non-executive director of Kilburn. He is also the chairman and managing director of McLeod Russel India. While Kilburn has turned around, McLeod Russel is in discussion with National Asset Reconstruction Company Limited (NARCL) for debt resolution, industry sources said.