UB group nominee Deepak Anand has resigned from the board of Zuari group controlled Mangalore Chemicals and Fertilisers Ltd (MCFL).
Anand had held the position of Managing Director in the company prior to Zuari group acquiring controlling stake in the fertiliser firm.
Anand had resigned as MCFL's MD with effect from December 31 last year.
Vijay Mallaya-led UB group stake has come down to nearly 22 per cent, while Saroj Poddar-led Zuari group has majority stake of 53.03 per cent in MCFL.
In a filing to BSE, MCFL informed that "Deepak Anand, non-executive director has resigned from the board of directors of the company with effect from close of business hours on October 7, 2016".
In the annual general meeting held on September 27, the MCFL shareholders had disapproved the appointment of V S Venkataraman, who was earlier with the UB Group for 33 years, as director of the company.
The shareholders had also shot down its proposal to enter into transactions exceeding 10 per cent of its turnover with a promoter firm Zuari Agro Chemicals Ltd.
MCFL has a plant near Mangalore port with an annual capacity to produce about four lakh tonnes of urea and about three lakh tonnes of phosphatic fertilisers. Zuari has a fertiliser plant in Goa.
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