DLF Ltd patriarch K P Singh has stepped down as whole-time director but will continue to be its non-executive Chairman, the realty firm said on Monday. In a regulatory filing, DLF informed that shareholders' approval has been sought on a resolution through postal ballot for "appointment of K P Singh for continuation as a non-executive director (designated as Chairman of the company.)"
In an explanatory note, the real estate major said its shareholders in the company's AGM held on July 30, had approved the reappointment of Singh as a whole-time director designated as Chairman for a period of five years with effect from October 1, 2018.
However, the 88-year-old Singh during the AGM informed the shareholders that it might not be possible for him to continue as a Whole-time Director.
To consider the resignation of Singh, the DLF board met on July 30 and accepted his resignation as Whole-time Director designated as Chairman.
"However, the Board unanimously agreed that it is necessary for the company to continue to avail the benefit of Dr. Singh's invaluable experience and knowledge of the real estate business.
"At the request of the members of the Board, KP Singh, after much persuasion, has agreed to continue as Non-Executive Director designated as Chairman," the postal ballot notice said.
Born on August 15, 1931, Singh was awarded with the Padma Bhushan in 2010.
DLF is the country's largest real estate firm in market capitalisation. It has developed many housing and commercial projects across the country but has major presence in Gurugram, Haryana.
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