Sunil Mittal to step down from StanChart board

Indian telecom czar Sunil Mittal will be stepping down from the board of British banking major Standard Chartered as a non-executive director with effect from July 31.

Mittal is the chairman and group chief executive of diversified Indian group Bharti Enterprises.

Standard Chartered in a statement today said Mittal has decided to step down from the board and resign from the company effective July 31, 2009.

He has been a non-executive director of Standard Chartered since August 1, 2007.

According to sources, Bharti Airtel, Mittal's telecom firm, may seek some funds from Standard Chartered for its proposed $23 billion-deal with South African entity MTN.

But company sources said this was not the reason for Mittal's decision to step down.

In the statement, Mittal said, "...Given my involvement with Bharti Enterprises, it is becoming increasingly difficult to balance my time with the demands placed on a non-executive director on the board of a bank."

"It is therefore with regret that I have tendered my resignation and I wish the Bank every success in the future as it continues to pursue its highly effective strategy," Mittal noted.