Damodaran resigns from Hindalco Board

Hindalco Industries today said Meleveetil Damodaran, former Sebi Chairman, has resigned from the company's Board as an independent director.
"Meleveetil Damodaran, independent director of the company, has resigned from the directorship of the company to reduce his existing board level commitments due to increasing workload," Hindalco said in a BSE filing.
Former Chairman of Securities and Exchange Board of India, Damodaran was associated with Hindalco, world's largest aluminium rolling company, since April, 2012.
Following the resignation, strength of the board of Hindalco Industries has comes down to 11.
He had been at the helm of country's financial regulator for three years starting from February 18, 2005.

An IAS officer of Manipur-Tripura cadre, Damodaran (66) was also the Chairman of UTI and IDBI. He was also Tripura's chief secretary. He has over 30 years of experience in financial services and public sector enterprises.
A panel led by Damodaran had last year submitted a comprehensive report to the government on ways to improve the country's investment climate.