Padmanabh Vora, an independent director with Reliance Home Finance, resigned from the board Friday after the company got a rating downgrade.
In a BSE filing, Reliance Home Finance said Vora has ceased to be a director on the board of the company from April 29, 2019, and the reason given by him for resignation is "default in payment of dues and rating downgraded to default rating".
The company said Rashna Hoshang Khan has been appointed as an independent director on the board of the company for five years with effect from May 2, 2019.
Khan, 53, is a law graduate and specialises in the field of civil litigation. She is also on the board of Reliance Power, Sasan Power, Supreme Industries and Vidarbha Industries Power.
Reliance Home Finance said that to ensure that the board comprises of 50 per cent Independent Directors, non-executive director Gautam Doshi has ceased to be a director of the company with effect from May 2.
It had last week informed stock exchanges that Care Ratings had downgraded its long term debt programme to default citing liquidity profile of the company.
Another rating agency Icra had also revised its rating on Reliance Home Finance to A4 (on rating watch with negative implications) for the short-term debt programme of the company, citing modest liquidity in relation to the size of borrowings.
Shares of Reliance Home Finance closed at Rs 24.05 apiece, down 4.37 per cent on the BSE.