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Our Bureau

Chennai April 24 Mr A.C. Muthiah, Chairman, SICAL Logistics, has resigned.

His son, Mr Ashwin Muthiah, has been appointed the new Chairman, the company said in a notification to the BSE on Tuesday.

Mr Muthiah was involved with the parent company of SICAL Logistics, South India Corporation (Agencies) Ltd — a company set up by his father, Mr M.A. Chidambaram in 1955 — since 1967. SICAL Logistics was formed recently by carving out the logistics business of South India Corporation.

"Resignation of Mr A.C. Muthiah, Chairman and Directors Mr R. Muthu, Mr Jawahar Vadivelu and Mr S. Chandra Das were accepted," SICAL has said in a notice to the BSE.

Full involvement

IDFC Private Equity Fund-II has invested Rs 123 crore in SICAL — the shares were allotted on Tuesday. Sources have told Business Line that one of the conditions of the investment was that SICAL should have a Chairman who would be fully involved with the day-to-day operations of the company.

The other directors resigned because it was decided that the board would have independent directors.

The strength of the board is being increased from nine to ten. Mr Muthu, Mr Vadivelu and Mr Das, who are closely associated with the promoters family, do not qualify as independent directors. Mr Das, a former Minister of Singapore, has been a long-standing friend of the family, sources said.

Of the non-independent directors, three will be from the promoters' side and two from IDFC PE. Mr Luis Miranda, President and CEO, IDFC Private Equity Fund, is one of the nominee directors of the Fund.

The notice also said that the Managing Director of SICAL Logistics, Mr R. Ramakumar, has also resigned. Mr Karthik Menon, Vice-President (Finance and Strategy) has been named a wholetime director of the company.

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