Three directors step down from Hotel Leela Venture board

Company's board of directors at their meeting has accepted resignations of Vaddarse Prabhakar, Anil Ramchand and Navnit Kulwantsingh

Hotel Leelaventure on Monday said its three directors, including two nominees of JM Financial Asset Reconstruction Company, have resigned from its board.

The company's board of directors at their meeting held today has accepted resignations of Vaddarse Prabhakar Shetty, Anil Ramchand Bhatia and Navnit Kulwantsingh Batheja with immediate effect, Hotel Leelaventure said in a filing to BSE.

Shetty and Bhatia were nominee directors from JM Financial Asset Reconstruction Co while Batheja was an independent director, it added.

The company, however, did not give any reasons for the resignations.

Batheja was the Chairman of the audit committee and stakeholders' relationship panel and a member of the nomination and remuneration committee.

Hotel Leelaventure said its board has also appointed Vinay Kapadia as an independent director with immediate effect.

Kapadia, who joined the board today, was appointed as the Chairman of the audit committee and the stakeholders' relationship committee and as a member of the nomination and remuneration committee, it added.

Earlier, in May this year, JM Financial Asset Reconstruction Co had increased stake in Hotel Leelaventure to 48.80 per cent with allotment of 13.34 crore shares upon conversion of debt.

Hotel Leelaventure has been undergoing a debt restructuring programme to pare its debt, which is around Rs 3,500 crore.