Elgi Rubber Company Limited has informed the Exchange regarding Resignation of Mr R Vidhya Shankar as Non- Executive Independent Director of the company w.e.f. Jun 04, 2025.
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Mr. R. Vidhya Shankar (DIN: 00002498) has resigned as Non-Executive Independent Director of Elgi Rubber Company Limited, effective June 4, 2025. The reason cited is a potential conflict of interest, as he also serves as an Independent Director on the board of Karur Vysya Bank Limited, a lender to the company. He noted that the additional legal, governance, and process compliance required each time the company approaches its bankers made the dual role untenable. He confirmed there are no other material reasons for his departure. The company has been informed via a formal resignation letter submitted to the board.
This is a single independent director exit driven by a self-identified conflict of interest rather than any dispute or performance concern, so it is unlikely to materially affect operations or stock price. Investors may view it as a sign of good governance discipline, though the company will need to fill the vacant independent director seat within SEBI-prescribed timelines.