New Delhi: Naveen Jindal has resigned from the board of Jindal Stainless Ltd (JSL), a company led by his brother Ratan Jindal. The resignation of Naveen Chairman of steel-to-power group Jindal Steel and Power from JAL Board is with effect from yesterday.
In a BSE filing, JAL said: “Naveen Jindal, Director has resigned from the Board of Directors of the company with effect from March 30, 2016 due to preoccupation.”
Yesterday, in a BSE filing, JSPL had said that Ratan Jindal resigned from the Board of the company with effect from March 30, 2016 due to his pre-occupation.
Both, JSL and JSPL are part of the USD 18 billion O P Jindal Group which has interests spanning steel, mining, power, industrial gases and ports.
Last year, JSL had embarked on a financial re-engineering exercise by distributing Rs 8,580-crore debt among its four firms, a move aimed to reduce interest costs by over 3 per cent.
It also redistributed assets among three entities JUSL, JCL and JSHL to leverage idle capacity and streamline the operations as well as optimise production.
Following the restructuring exercise, JSHL was listed and JSLs shareholders have been issued shares by JSHL as per the share entitlement ratio of 1:1.
Shares of JSL today fell by 1.18 per cent to settle at Rs 16.80 apiece at the BSE.