Cairn India's Executive Director and Chief Financial Officer, Mr Indrajit Banerjee, has resigned. According to sources, he is expected to join the Ranbaxy Group.

In a statement given to BSE, Cairn India said Mr Banerjee has stood down from his position as Executive Director and Chief Financial Officer, with effect from August 23 to take up a new position elsewhere.

This may come as a jolt for Cairn India, which is now awaiting its shareholders mandate on whether to accept Government's conditions for Cairn Energy-Vedanta Resources stake sale deal.

Mr Banerjee joined Cairn India in early 2007. During his four-and-half years with Cairn India, Mr Banerjee played a major role in putting the Rajasthan Development funding plan in place and also established world class systems, processes and governance mechanisms, the company statement said.

Mr Rahul Dhir, Managing Director and CEO, Cairn India, said, “Indrajit has been an integral part of our team and has contributed significantly in building Cairn India... He has a great career opportunity elsewhere now, we respect his aspirations and wish him the very best for his new role.”

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