Shriram Capital Chairman Arun Duggal Resigns

Arun Duggal, the 68 year old chairman of financial services major, Shriram Capital has resigned from the directorship of the company on November 15, 2014. Duggal was a non executive and non independent director as well as the chairman of the Board of Directors of the company.

“ We are not aware of the reason behind his resignation. However, we know that he has resigned,” a senior official from the company told BI India on the condition of anonymity.

Duggal has also resigned from Board of Directors from other Shriram group ventures which include Shriram Transport Finance Company and Shriram City Union Finance.

The company spokesperson confirmed the news.

It should be noted that Duggal is also the chairman of Shriram Properties and Shriram EPC, and Bellwether Microfinance, a company which provides equity capital to micro finance organisations.

According to the website of the company, Duggal also serves as a senior advisor to the global private equity firm TPG Capital. His expertise includes financial strategy, merger and acquisition and capital raising.

At present, he is the vice chairman of International Asset Reconstruction Company and Indian Venture Capital Association. Previously, he has also been the chairman of the American Chamber of Commerce, India and was on the Board of Governors of the National Institute of Bank Management.