"The Board of Directors has accepted the resignation submitted by Sameer Gaur, due to some personal unavoidable circumstances, from the office of Whole-time Director/Joint Managing Director of the company," Jaypee Infratech said in a regulatory filing to the BSE.
Formula One boss Bernie Ecclestone has announced that it was not possible to accommodate the Indian F1 circuit in the racing calendar in 2014. Sameer Gaur, MD & CEO, Jaypee Sports told CNBC-TV18 that it has 5-year contract with Formula 1 and will organize 5 races.
JPSI vice-president Askari Zaidi confirmed the grand prix would skip a year because holding it in March 2014 would not be commercially viable so soon after this year's in October.
Jaypee Group Chairman Manoj Gaur, his wife Urvashi Gaur and brother Sameer Gaur are not guilty but the company‘s two Whole Time Directors and Company Secretary are.
It is unfortunate that certain inferences have been drawn on presumptions, chairman Manoj Gaur says.
The group’s 80-year-old founder, Jaiprakash Gaur, has a daring plan to leave a legacy and, in the process, dig out of a mountain of debt. But the ride may be long and tough.