TVS Electronics today informed the Bombay Stock Exchange (BSE) that Venu Srinivasan has resigned as chairman and director of the company. T K Balaji has also resigned as director of the company, the firm said in the statement.
Venu Srinivasan, chairman and managing director, explained that since family members hold board positions in a sub-holding company, Sundaram Clayton, it was not required to be on the board of individual companies which come under it.
Industry sources said this is a continuation of the group's policy to discourage family members to hold board positions in the companies which they do not control directly.
Venu Srinivasan was the head of the two-wheeler subsidiary, while his younger brother Gopal was overseeing the operations of computer peripherals company, TVS Electronics. Earlier this month, Gopal Srinivasan and T K Balaji (CEO of auto-electrical parts-maker Lucas TVS) had resigned from the board of TVS Motor.
