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Hindustan Motors’s MD Uttam Bose, two others resign

LiveMint logoLiveMint 09-05-2014 Manish Basu

Kolkata: Amid ongoing restructuring of its operations, car maker Hindustan Motors Ltd on Friday said in a regulatory filing that three key executives, including managing director Uttam Bose, had quit.

The two others who along with Bose are being released immediately are Kranti Sinha, director, and Yogesh Goenka, chief financial officer and company secretary.

They stepped down “in view of the restructuring”, Hindustan Motors said in a statement to stock exchanges, triggering speculation that they were being given new roles within the CK Birla group, which controls Hindustan Motors.

A spokesperson for Hindustan Motors refused to comment. Bose didn’t return calls made to his mobile phone.

The management recently carved out of Hindustan Motors its prized Chennai factory and sold it to Hindustan Motor Finance Corp. Ltd, a CK Birla group firm. The rump Hindustan Motors has only one manufacturing unit at Uttarpara in West Bengal, where it produces the Ambassador car.

Previously, on 30 December 2013, C.K. Birla himself announced he was stepping down as Hindustan Motors chairman to facilitate the induction of strategy partners in the company’s two manufacturing units.

Thereafter Naresh Chandra, an independent director, stepped down from Hindustan Motors’s board on 6 February.

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