BackGitanjali Gems’ CFO, VP, board member quit
Gitanjali Gems, which is embroiled in the Rs11,400 crore PNB loan scam, has said two of its senior management officials including CFO Chandrakant Karkare, and a board member have quit
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New Delhi: Gitanjali Gems, which is embroiled in the Rs11,400 crore Punjab National Bank (PNB) loan scam, on Monday said two of its senior management officials including CFO Chandrakant Karkare, and a board member have quit.
The company’s vice-president (compliance) and company secretary Pankhuri has resigned with effect from 13 February, while Karkare has resigned from the post of CFO effective from 15 February, Gitanjali said in a regulatory filing. Its board member Krishnan Sangameswaran has also resigned, the company added.
The company’s website was not accessible and said it was “currently undergoing scheduled maintenance".
In the regulatory filing, Gitanjali Gems informed that its chief financial officer Karkare has resigned citing personal reasons. In his resignation letter, Karkare said: “Recently, my wife has undergone a major surgery called Hemicolectomy at Lilavati Hospital. The post-operation recovery is not up to the expected level. This has resulted in restriction on me carrying responsibilities as CFO and will be very difficult for me in future. ...Kindly accept my resignation from the post of CFO with immediate effect."
Gitanjali Gems has submitted a copy of the CFO’s resignation letter to the BSE. Shares of Gitanjali Gems continued to fall for the fourth straight session on Monday, plunging 10% as investor sentiment remained muted after the company came under the scanner of various investigating agencies following PNB’s Rs11,400 crore fraud detection.
Its stock further tumbled 9.99% to Rs33.80—its lower circuit limit—on BSE.
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