Mumbai, Feb 23 (UNI) Sudershan Kumar Birla and Chandra Kant Birla have stepped down from the board of Century Textiles and Industries.
In an intimation to the stock exchanges, the company has informed that S K Birla, a director on the board of the company, has resigned as a member of the board with effect from February 17.
But company officials here confirmed that both S K Birla and C K Birla had stepped down from the board of the company a few days ago.
The move by Birlas to resign from the board of Century Textiles follows the consolidation of the combined shares of Aditya Birla Group head Kumarmangalam Birla and Century Textiles Chairman B K Birla in Pilani Investments in the second half of last year. Pilani Investments holds a 37 per cent stake in Century Textiles.
Last August, B K Birla and his grandson Kumarmangalam had bought out S K Birla's seven per cent stake in Pilani and C K Birla's 20 per cent stake in Pilani Investments.
With this buyout, the B K Birla group has become the largest shareholder in Pilani Investments with a 49 per cent stake, paving the way for handing over the reigns of the company to Kumarmangalam Birla.
Apart from a 37 per cent stake in Century Textiles, Pilani Investments holds shares in Indian Rayon, Hindalco, Grasim, Bihar Caustic, Birla VXL, Cimmco Birla, Jayshree Tea, Kesoram Industries, Mysore Cements, Mangalam Cement, Sutlej Industries, Zuari Industries and Tanfac.
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