Two more independent directors, appointed during the previous UPA regime, have quit from the SAIL Board, bringing down the strength of the highest decision making body of country's largest steel maker to 14.
"R S Sharma and D K Mittal, independent Directors of the company, have ceased to be Directors on the Board of the Company with effect from September 23, 2014," SAIL said in an exchange communique today.
Following their resignations, the reason for which was not mentioned in the filing, the SAIL Board has 5 independent directors. The Board's total strength of now shrunk to 14.
Earlier in the week, Steel Authority of India had said Parminder Hira Mathur and N C Jha, two independent Directors in the company, resigned from its Board with effect from September 19.
Former Chairman and Managing Director of ONGC Sharma and former Financial Services Secretary Mittal were inducted into the SAIL Board with effect from February 19.
Considering their "vast expertise and knowledge", SAIL had sought shareholders' approval for retaining both Sharma and Mittal as Independent Directors for three years till February 2017 in its Annual General Meeting, held yesterday.
