Amtek Auto Ltd. said on Friday that two of its board members had resigned. Within 24 hours, the auto parts maker brought them back as presidents.
The company is among the dozen stressed accounts identified for insolvency proceedings by the Reserve Bank of India. Once the process begins and an insolvency professional is named to run day-to-day operations, the components suppliers board will be suspended and it wont have the powers to make new appointments.
By redesignating Vice-Chairman and Managing Director John Ernest Flintham and Independent Director Sanjiv Bhasin as presidents, Amtek has ensured that they stay involved with the companys operations. It also named Kunal Sabharwal as the group chief financial officer.
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