Karvy group’s CMD steps down from Pennar Ind board

Hyderabad: Nearly one and a half months after he stepped down from the board of Granules India Ltd, beleaguered Karvy Group chairman and managing director C Parthasarathy has resigned from the board of another Hyderabad-based company Pennar Industries Ltd as independent director.
Pennar Industries informed the bourses that it has received Parthasarathy’s resignation letter and its board will take the same on at the ensuing board meeting on February 11, 2020.
In his resignation letter, a copy of which was submitted by Pennar Industries to the stock exchanges, Parthasarathy has cited his “preoccupations” as the reason for tendering his resignation from the company’s board of directors.
It was in December end that the CMD of the scam-hit Karvy Group had stepped down from the Granules India board. He also had to resign from the board of erstwhile Karvy Fintech Pvt Ltd (now known as KFin Technologies Pvt Ltd) in November end this year due to pressure from mutual funds after stock market regulator Sebi banned Karvy Stock Broking Ltd from taking on new clients following the broking firm’s failure to comply with Sebi norms on pledging client securities for borrowings. KSBL had pledged the securities of around 95,000 clients to raise over Rs 2300 crore from various banks and financial institutions.
KFin Technologies, which serves as registrar and transfer agent to several fund houses, is majority owned by General Atlantic and underwent a rechristening to disassociate itself from the scam-hit Karvy brand.