Unitech’s independent director Sanjay Bahadur resigns

NEW DELHI: Realty firm Unitech Ltd today said Sanjay Bahadur, a non-executive independent director, has resigned from the company.

In a regulatory filing, Unitech informed that “Sanjay Bahadur, a non-executive independent director of the company, has resigned from the office of director of the company w.e.f. February 23, 2016 vide his resignation letter dated February 23, 2016.”

According to the company’s website, Bahadur has an experience of 23 years in construction industry. He was with L&T-ECC Construction group and has worked as the Managing Director of Unitech Prefab Ltd, Mumbai and as CEO (Construction Chemicals and Paints) of Pidilite Industries.

Shares of the company closed 0.51 per cent up at Rs 3.91 apiece on BSE.

Unitech has reported a consolidated net loss of Rs 16.10 crore for the quarter ended December 31, 2015, on sharp rise in finance cost.

Its income from operations also fell by 42 per cent to Rs 408.74 crore in the third quarter of this fiscal.

However, Unitech’s sales bookings increased by 25 per cent to Rs 832 crore during the April-December period of the current fiscal, driven by higher sales realisation.