IndianOil announces exit of Rajendra Arlekar as independent director

Indian Oil Corporation Limited (IndianOil) announced that Rajendra Arlekar has resigned as an independent director of the union government-owned oil and gas company with immediate effect.

Rajendra Arlekar said that he had resigned from the role as he was appointed as the new Governor of Himachal Pradesh state in India.

In a letter to the chairman of IndianOil SM Vaidya, Rajendra Arlekar said that it will not be possible to continue as an independent director of the company due to the Governor’s post.

IndianOil announces exit of Rajendra Arlekar as independent director. Photo courtesy of Nagarjun Gururaj Char/Wikipedia.org.

The 67-year-old confirmed that there is no other reason apart from that for his resignation from IndianOil.

Recently, IndianOil said that its board has given stage 1 approval for an INR 44.95 billion styrene monomer project at its Panipat Refinery & Petrochemical Complex.