: The board of auto-component manufacturing company Sundaram-Clayton Ltd Monday said its joint Managing Director Sudarshan Venu has decided to relinquish his post with immediate effect.
"Due to other business commitments, Sudarshan Venu relinquished his position as Joint Managing Director of the company, effective 11th March 2019, as he will not be able to give sufficient time to manage the day-to-day affairs of the company", Sundaram-Clayton Ltd, a TVS Group company, said in a regulatory filing.
Sudarshan Venu, son of noted industrialist Venu Srinivasan, would continue to serve as Non-Executive and Non-Independent D Director liable to retire by rotation, which would be valuable and supportive to the company, it said.
In 2011, he joined the board of Sundaram-Clayton as an Additional Director. In 2013, he was appointed as whole-time director of the company for a five year period.
In 2014, he was elevated as the Joint Managing Director of the company.
In another notification, the company said, the Board re-appointed Venu Srinivasan as Managing Director for a further five year period with effect from May 23, 2019.
The Board at its meeting also declared the second interim dividend for the financial year ending March 31, 2019 at the rate of Rs 16 per share (320 per cent), absorbing a sum of Rs 32.27 crore.