Miscellaneous

Key Officers Resign From Gitanjali Gems In Less Than 7 Days

Key Officers Resign From Gitanjali Gems In Less Than 7 Days

Within 7 days after the Punjab National Bank fraud was discovered, two top officers from Gitanjali Gems resigned from their position, valid immediately.  While filing returns in the stock market, Pankhuri Warange, company secretary and Chandrakant Karkare, CFO of Gitanjali Gems publicized their resignations.

The company secretary and elected compliance officer, Pankhuri Warange accredited her resignation as a “conscious” decision keeping in mind the current scam and all the investigations associated with it.

Her resignation expresses that being in an important position; she has certain legal responsibility and duties towards the shareholders. The current event unveiled in the company needs it to formulate disclosures under the Indian Companies Act, 2013 and SEBI regulations, 2015. She added in her resignation that she has recommended the management about the requisite disclosures that is to be prepared. Lack of disclosures may result in consequences on the organization and also on the important managerial employees.

In addition, her letter states that there are no agreements to be made on the disclosure as per her view. She said further that in this situation, her conscience is not permitting her to sit in the same position any more. Therefore, she took the conscious decision to resign and relinquish her post as the compliance officer and company secretary with instant effect.

On the other side, Chandrakant Karkare mentioned in his resignation that his wife went through a major operation—Hemicolectomy and is admitted at Lilavati Hospital. The recovery post surgery recovery is not satisfactory and is very slow. Therefore, he would like to resign from his responsibilities as CFO immediately. He said due to his wife’s condition, it will be very hard for him to manage his responsibilities and duties in future.

So, Karkare gave a personal reason behind his decision to leave Gitanjali Gems and also asked to release him from his duties as early as possible.

About the author

Mary Smith

Mary Smith

Having a background in the finance sector, Mary was hired to present the facts and figures in an easy and comprehensible manner to the common people. Apart from writing, she loves to read books, go trekking and camping, and travels around to new places. Also having interest in political affairs, she presents her outlooks on it as well.

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