Acharya Balkrishna has resigned as Managing Director of Ruchi Soya Industries with effect from August 18, the company said in a statement to stock exchanges.
Ram Bharat, whole-time director of the company, has been appointed as Managing Director till December 17, 2022.
Balkrishna will continue to remain the Chairman of the Ruchi Soya board, the company said on August 19. He cited "pre-occupation" as the reason for his resignation from the post of Managing Director.
"Shri Acharya Balkrishna has been designated as Non-Executive Non-Independent Director, liable to retire by rotation with effect from August 19, 2020, subject to approval of members of the company," Ruchi Soya said in a statement.
The statement also said Sanjeev Asthana, chief executive officer at the company has been appointed as a key managerial personnel effective August 19.
Ruchi Soya reported a profit of Rs 12.25 crore in Q1FY21, lower than Rs 14,01 crore reported in the same period last year. Revenue in the June quarter declined YoY to Rs 3,043 crore from Rs 3,112.3 crore.
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