Saint Gobain Sekurit India MD Sreeram Srinivasan quits

Automotive glass manufacturer Saint Gobain Sekurit India said that Sreeram Srinivasan has resigned as Managing Director as well as Director of the company with effect from June 11, 2011.

In a filing to the Bombay Stock Exchange (BSE) the company said, its board of directors now comprises Chairman Anand Mahajan, M G Ramakrishna and Padmanabha Shetty.

It, however, did not specify the reasons for Srinivasan’s exit from the company.

Last month, the company had said that its promoters Saint Gobain Glass India Ltd and French parent firm Saint Gobain Securit SA France had decided to delist the company from BSE.

The promoters had agreed to buy-back publicly held shares of the company, constituting 14.23 per cent of the outstanding equity capital, under the SEBI rules to effect delisting, the company had said.

The issue is now with the shareholders of the company who will consider the resolution of delisting by way of postal ballot.

Shares of Saint Gobain Sekurit India were today trading at Rs 42 on BSE in the afternoon trade, up 1.45 per cent from its previous close.