MC Odd Lot: Director of listed yarn trader sends in handwritten resignation on torn-out sheet of paper

The company, which is a yarn trader, informed the exchanges about the resignation on September 10.

A non-executive director of a listed yarn trader has submitted her resignation letter in what seems like a loose sheet of a notebook, torn out from its binding.

In a filing dated September 10, announcing the resignation, the company Anand Rayons has submitted a photograph of her letter to the exchanges.

Moneycontrol has written to the company and the article will be updated when a response comes in.

Under Listing Regulations, a listed entity has to report a material event such as the resignation of a director within seven days and with detailed reasons for the resignation.

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The submitted photograph shows a handwritten letter, which seems to have been placed on a rug and with the silhoutte of what seems like a finger protruding from the middle of the frame.

In the letter, Hema Mishra says that she is resigning from her post owing to other commitments.

The letter, addressed to the Managing Director Anand Bakshi reads, "Owing to some other commitments, I would like to resign from my position on the board of the company."

"Thank you for a wonderful association, and I wish you and the company the very best for future."

She then thanks him and signs off from Surat.

The company has said that the reasons for her resignation are "personal and other commitments" and that there are no material reasons for the resignation other than that mentioned in the letter.

Under clause 7B of Part A of Schedule III of the Listing Regulations, a resignation of a director should be informed to the exchanges within seven days of the event with detailed reasons for the resignation as given by the director and the names of listed entities in which the resigning director holds directorships, indicating the category of directorship and membership of board committees.

The company's filing has said that, with her resignation, Mishra automatically ceases to be part of the Nomination and Remuneration Committee.