Parekh resigns from HUL board

Deepak Parekh, chairman of Housing Development Finance Corporation (HDFC), has resigned from the board of Hindustan Unilever (HUL), with effect from December 27, the company said on Wednesday.

Parekh, was an independent director on the board of the fast moving consumer goods major for the last 14 years, and stepped down on account of other commitments. He was also chairman of the audit committee of HUL.

"During his long tenure, Parekh made significant contribution to the company and has now chosen to step down, given several other commitments he has," HUL said in a statement.

O P Bhatt, former State Bank of India chairman, has been nominated as an independent director of the FMCG major with effect from December 20. Other independent directors include A Narayan, TCS Vice-Chairman S Ramadorai and former director general of the Council of Scientific and Industrial Research R A Mashelkar. Parekh is on the board of a host of listed companies, which includes Casrtrol India, Mahindra and Mahindra and Indian Hotels. He is also the non-executive chairman of Infrastructure Development and Finance Co and GlaxoSmithKline Pharmaceu-ticals.