Three Independent Directors To Resign From Wipro

Wipro, India's third largest software exporter, has said three of its 10 independent directors will leave the company in order to comply with the new regulations. The company will also appoint fresh faces. The New Companies Act, 2013, limits the tenure of an independent director to two successive periods of five years each.

BC Prabhakar and Shyam Saran would not seek re-election during the company's annual general meeting to be held on July 23, while Henning Kagermann, the third independent director, will step down on June 30.

"I wish to thank B C Prabhakar, Shyam Saran and Henning Kagermann for their invaluable contribution to Wipro over the years. The company has immensely benefited from their deep insights and vast experience. I wish them all success in their future endeavours," said Wipro chairman Azim Premji.

Last month, Infosys, too, had announced two of its six independent board members - Jeffrey Sean Lehman and Omkar Goswami - would also step down.

Prabhakar, a lawyer, has been on the board of Wipro since 1997. Saran, former special envoy to former prime minister Manmohan Singh, had joined the board in 2010. As per the company’s statement, Saran is leaving to pursue his personal interests.