An industrialist who has been named in the Panama papers leak has resigned from AP Chief Minister N Chandra Babu Naidu’s family owned Heritage Foods as independent director.
Motaparti Sivarama Prasad’s name has also been removed from the board of directors list on Heritage Foods website.
On May 11, after a report in Deccan Chronicle stated that his name was mentioned in the Panama papers leak, Heritage Foods issued a clarification to the media on the same day saying that he has no financial interest in the company.
An official letter from M. Sambasiva Rao, President, Heritage Foods Ltd. said,
‘’We wish to give a clarification with regard to the news item appeared today in media under the caption Panama Papers referring to certain offshore companies of Sri Prasad, an NRI. M Siva Rama Vara Prasad was appointed as a Non-Executive Independent Director of Heritage Foods Ltd on 30- 7-2014 for a tenure of 5 years. He is not holding any shares or investments in Heritage Foods Ltd. He submitted his resignation from the office of Director in the Board of Directors of the Company on May 12, 2016 due to his personal reason. The Board of Directors may accept his resignation at the meeting scheduled to be held on May 23, 2016.”
On May 12, the company announced the resignation of their Non-Executive Independent Director by informing the National Stock Exchange:
‘’Heritage Foods Limited has informed the Exchange that Sri. M. Siva Rama Vara Prasad Non-Executive Independent Director of the Company has submitted his resignation from the office of Director in the Board of Directors of the Company on May 12, 2016 due to his personal reason. The Board of Directors may accept his resignation at the meeting scheduled to be held on May 23, 2016.’’
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