You are here: Home » PTI Stories » National » News
Business Standard

K P Singh resigns as DLF whole time director, to remain non-executive Chairman

Business Finance

Press Trust of India  |  New Delhi 

DLF Ltd patriarch K P Singh has stepped down as whole-time director but will continue to be its non-executive Chairman, the realty firm said on Monday.

In a regulatory filing, DLF informed that shareholders' approval has been sought on a resolution through postal ballot for "appointment of K P Singh for continuation as a non-executive director (designated as Chairman of the company.)"

In an explanatory note, the real estate major said its shareholders in the company's AGM held on July 30, had approved the reappointment of Singh as a whole-time director designated as Chairman for a period of five years with effect from October 1, 2018.

However, the 88-year-old Singh during the AGM informed the shareholders that it might not be possible for him to continue as a Whole-time Director.

To consider the resignation of Singh, the DLF board met on July 30 and accepted his resignation as Whole-time Director designated as Chairman.

"However, the Board unanimously agreed that it is necessary for the company to continue to avail the benefit of Dr. Singh's invaluable experience and knowledge of the real estate business.

"At the request of the members of the Board, KP Singh, after much persuasion, has agreed to continue as Non-Executive Director designated as Chairman," the postal ballot notice said.

Born on August 15, 1931, Singh was awarded with the Padma Bhushan in 2010.

DLF is the country's largest real estate firm in market capitalisation. It has developed many housing and commercial projects across the country but has major presence in Gurugram, Haryana.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Mon, August 19 2019. 20:40 IST