Troubled wind energy firm Suzlon has seen an exodus of independent directors recently.
On October 4, Venkataraman Subramanian, one of the independent directors resigned from Suzlon citing increased commitments on the Boards of various other companies as well as his family commitments.
Subramanian is on the Board of more than a dozen companies which include Adani Group, TVS Motor Kiroskar Electric Company, amongst others.
In the last week of September, Vijaya Sampath, another independent director resigned, saying that she to reduce her exposure in energy related companies and focus more of her attention on the companies in which she continues to be an independent director.
Along with her, Ravi Uppal, another independent director also quit citing that he was unable to devote time to Suzlon, due to personal reasons.
While Uppal was former MD and group CEO of Jindal Steel & Power, Sampath is a lawyer. B G Kozipattu, a nominee director to the board representing IDBI Bank has also quit.
After this, Suzlon has 6 members on the Board, headed by chairman and Managing Director Tulsi Tanti.
These developments come in the backdrop of Suzlon’s debt woes. In July 2019, in a filing to the exchanges, defaulted on the payment of the prinicipal amount of Rs 1,169 crore due to its Foreign Currency Convertible Bondholders (FCCBs), which was due on 16 July 2019.