Financial services firm Religare Enterprises Saturday said Vikram Talwar will cease to be an independent director of the firm on September 20, as he has not given his consent to be nominated to the board of directors of the company.
Talwar was among the three new board members inducted into Religare Enterprises as a part of board revamp in February this year after resignation of Malvinder Mohan Singh and Shivinder Mohan Singh from the board.
"Vikram Talwar... has intimated that he is not giving his consent to be nominated as member of the board of directors of the company at the end of his term on September 20, 2018, that is date of upcoming annual general meeting," Religare said in a BSE filing.
It further said that the particular resolution that was to come up for considering at the upcoming annual general meeting "stands infructuous".
The board of directors of the company had appointed Vikram Talwar as an additional Director- non-executive Independent for a term of five consecutive years with effect from February 17, 2018, subject to the approval of shareholders of company.
Talwar worked at Bank of America for 26 years in several senior management roles in Asia and the US. In 2000, he founded EXL Holdings Inc, a major business process outsourcing company that was listed on the Nasdaq in 2006.
The three new members appointed in February were Vikram Talwar, P Vijaya Bhaskar and Siddharth Mehta.