Damodaran resigns from Ultratech board

Former Sebi chairman M Damodaran has resigned form the board of Aditya Birla Group firm Ultratech as an independent director citing increasing work load.

"... M Damodaran, Independent Director, has resigned from the Board of the Company with effect from June 20, 2014," the country's largest cement maker said in a filing to the BSE stock exchange.

"Damodaran has cited increasing work load and consequent time commitments as well as the need to reduce his board level engagements as the reasons for stepping down from the Board," it added.

He had resigned from the board of another group firm Hindalco in January citing the same reason.
 

Damodaran 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.