Uttam Glava Steels today said its Director Ankit Miglani, who is the son of Chairman Rajinder Miglani, has resigned from the company's board.
"Ankit Miglani, Non-executive Non-Independent Director of the company has submitted his resignation from the Board of Directors of the company with effect from April 21," the firm said in a BSE filing.
At the ensuing board meeting of the company, the said resignation will be placed for its formal acceptance, it added.
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The firm did not state the reason behind the resignation.
An economics graduate from Wharton, Ankit is looking after all major commercial functions such as Finance and Accounts, international marketing and purchase of critical raw materials. He joined the board in July 2005, his profile on company's website said.
He is the deputy managing director at Uttam Galva Steels.
The development comes amidst the company being downgraded by Indra Research and Ratings (Ind-Ra) following its ongoing delays in debt servicing since February.
Ind-Ra said the delays are a result of liquidity stress being faced by the firm given the challenging operating environment and its inability to refinance its long-term borrowings according to its earlier proposed refinancing scheme.
Stock of Uttam Galva today fell 5.51 per cent to settle at Rs 31.75 on BSE.
