Jaypee Group patriarch Jaiprakash Gaur today opted out of the flagship company Jaiprakash Associates' board, thus leaving the total control to his elder son Manoj.
In a filing to the Bombay Stock Exchange, Jaiprakash Associates, country's third largest cement maker, said that with effect from October 31, 2010, Jaiprakash Gaur would step down from the company's board and current Chief Financial Officer Rahul Kumar would fill up the vacancy.
When contacted, Rahul Kumar told PTI that Gaur stepped down because of his old age, but as is the case from the day-one, he will continue to be the guiding force for the company, board and its employees.
"He has become old and it was becoming difficult for him to deal with the day-to-day affairs of the company. However, he is still the guiding force and will continue to guide us in the future," Kumar said.
Jaiprakash Associates spokesperson said that Jaiprakash Gaur had resigned from the board three year ago, but he was again brought back to guide the company. Manoj Gaur is the Executive Chairman of the company now.
After acquiring a diploma in Civil Engineering in 1950 from the University of Roorkee, Jaiprakash Gaur had a stint with Uttar Pradesh government. In 1958, he branched off on his own to start as a civil contractor.