3 key officials of Gitanjali resign citing 'conscience', personal reasons

The CFO, VP, Company Secretary and a board member of Gitanjali Gems resigned

In an email dated February 13 to chairman and managing director Mehul Choksi, Pankhuri Warange, company secretary and compliance officer of Gitanjali Gems, wrote: “It is with regret that I submit my resignation and relinquish the position of company secretary and compliance officer of Gitanjali Gems.”

Warange alleged lack of disclosures from the company management under the Compliance Act, 2013, and the SEBI (Listing Obligation and Disclosure) Requirements, 2015, as major hurdles in his discharging certain statutory duties and responsibilities towards stakeholders.

“The recent events that have unfolded in the organisation require the company to make disclosures, which I have advised the management to make. The absence of disclosures will have ramifications, not just on the company but also on key managerial personnel. There is, however, no consensus in my opinion on the disclosures to be made and that of the management, and in these circumstances, my conscience does not permit me to continue with my position,” Warange wrote.

Gitanjali Gems’ Chief Financial Officer (CFO) Chandrakant Karkare in an email to Choksi cited a delay in post-operative recovery of his wife as reason for his resignation. “The post-operative recovery is not up to the expected level. This has restricted me from carrying out my responsibilities as CFO…,” Karkare’s resignation letter said.

Krishnan Sangameswaran, a member on the board of Gitanjali Gems, too, has resigned from his post.

The share price of Gitanjali Gems fell by 10 per cent on Monday to hit a 52-week low to close at ~33.80 apiece on the BSE. The company’s share price has lost nearly two-thirds of its value over the last two weeks.