The Board also accepted the resignation of Subhash Chandra, Chairman of the company. The Board has requested him to not only continue as a board member but also to be the 'mentor' to the executive management and its MD & CEO

The reconstitution of the board was to strengthen and induct independent members with varied experiences to build value and provide a strong signal to the existing and new institutional investors who have recently reposed their faith in the intrinsic value of the Company, by investing Rs. 4770 crore.

The reconstituted board consists of six independent directors and two members from the Essel Group.