Kumar Mangalam Birla stepped down as the Non-Executive Director and Non-Executive Chairman of Vodafone Idea Limited Board on August 4.
“The Board of Directors of Vodafone Idea Limited, at its meeting held today, have accepted the request of Mr. Kumar Mangalam Birla to step down as Non-Executive Director and Non-Executive Chairman of the Board with effect from close of business hours on 4th August, 2021,” the telecom major said in a regulatory filing.
The Board has unanimously elected Himanshu Kapania, who is currently a Non-Executive Director, as the Non-Executive Chairman.
Kapania is a telecom industry veteran with 25 years of experience, including significant board experience in telecom companies globally. He has also served on the Global GSMA Board for two years and was also Chairman of the Cellular Operators Association of India (COAI) for two years.
"Further, based on recommendation of Nomination and Remuneration Committee, the Board has appointed Sushil Agarwal, a nominee of Aditya Birla Group, as an Additional Director (Non Executive and Non Independent) with effect from 4 August, 2021," VIL added.
The changes come at a time when VIL is struggling to stay afloat.
Kumar Mangalam Birla had earlier written to the government that he is ready to “hand over stake” in Vodafone-Idea (Vi) to a government entity.
Birla said, in a June 7 letter to Cabinet Secretary Rajiv Gauba, that with a "sense of duty" towards 27 crore Indians connected with Vodafone Idea, he is willing to hand over his stake to the Public Sector Unit (PSU), a government entity or any domestic financial entity, or any other entity that the government may consider worthy of keeping the company as a going concern.
He had also stated that VI’s operations will be at an "irretrievable point of collapse" if it did not receive immediate and active support from the government.
(With PTI inputs)
(Edited by : Kanishka Sarkar)
First Published: IST