National Stock Exchange-listed India Cements announced on Wednesday that following the completion of the UlltraTech Cement deal, N. Srinivasan stepped down as the Chief Executive Officer of the company and resigned from the board as its Vice Chairman and Managing Director.
Srinivasan was the first-ever chairman of the International Cricket Council and served from June 2014 through November 2015. Before that, he was the 30th president of India’s apex body of the game, the Board of Control for Cricket in India (BCCI).
The maker of Sankar Cement also announced that whole-time director Rupa Gurunath (Srinivasan’s daughter) and non-independent directors Chitra Srinivasan (wife of N. Srinivasan) and V.M. Mohan also stepped down from key positions in the board.
UltraTech Cements MD K. C. Jhanwar, along with major key personnel from UltraTech, was appointed to the board of India Cements with effect from December 25, the company announced.
The announcement followed India Cements’ statement on Tuesday that it completed UltraTech Cement Ltd’s acquisition of 32.72 per cent stake in the company. Adding to the 22.77 per cent stake it already owned, this deal made UltraTech Cement the majority stakeholder in India Cements with 55.49 per cent of its equity capital.
For the half year ended September 2024, India Cements posted a loss of Rs 182.52 crore, much wider than the Rs 156.66 crore loss it posted a year ago, the company announced last month. Total topline revenue also slid around 24 per cent to Rs 1988.18 crore for the period.
What will happen to key positions in Chennai Super Kings board?
India Cements, in a separate statement, announced that R. Srinivasan, who was the executive president (finance and accounts) and the chief financial officer (KMP) would retire on January 1, 2025, after serving more than two and a half decades.
India Cements has effectively been a subsidiary of UltraTech Cement since the completion of the deal on December 24.
India Cements Shareholders Trust, as of the latest available information, owned 30 per cent of Chennai Super Kings Cricket Ltd, the company that owns the IPL franchise of the same name. R. Srinivasan was also named as the chairman of Chennai Super Kings Cricket Ltd, as of the latest annual report. As of December 25, Chennai Super Kings has not announced any update regarding any changes to the organisation in relation to the stepping down of key India Cements personnel.