Vodafone directors' quit from Airtel Board
The company on Friday informed the BSE about the coming into effect of resignations of the two directors.
By PTI |
MUMBAI: British mobile giant Vodafone's nominees' resignation from the board of Bharti Airtel has come into effect from today, the top mobile service operator in India said.
Bharti Airtel Chairman and Managing Director Sunil Mittal had on May 24 announced the resignation of directors - Paul Donovan and Gavin John Darby - from its board.
The company today informed the BSE about the coming into effect of resignations of the two directors.
In January, the directors had abstained from Airtel's Board meeting when Vodafone was competing to acquire Hong Kong-based Hutchison Telecom International's stake in India's Hutch Essar Ltd.
Donovan is Vodafone CEO in Eastern Europe, Middle East, Asia Pacific and affiliates, while Darby is CEO for America, Africa, China and India. Donovan was inducted on Bharti Board in April 2006.
Vodafone held 9.9 per cent stake in Bharti Airtel. After the Hutch Essar deal in February, Vodafone sold 5.6 per cent direct stake in Bharti Airtel to the promoters for 1.6 billion dollars on a deferred payment basis.
Vodafone still retains a 4.4 per cent indirect stake in the Indian telecom firm.
The two companies have also signed an agreement for sharing their infrastructure in India, to capture opportunities in rural areas.
Bharti Airtel's shares were trading at Rs 847.25, down 0.06 per cent in mid session on the Bombay Stock Exchange.
The GSM-operator has 22 million customers and is adding over 1 million each month.
Bharti Airtel Chairman and Managing Director Sunil Mittal had on May 24 announced the resignation of directors - Paul Donovan and Gavin John Darby - from its board.
The company today informed the BSE about the coming into effect of resignations of the two directors.
In January, the directors had abstained from Airtel's Board meeting when Vodafone was competing to acquire Hong Kong-based Hutchison Telecom International's stake in India's Hutch Essar Ltd.
Donovan is Vodafone CEO in Eastern Europe, Middle East, Asia Pacific and affiliates, while Darby is CEO for America, Africa, China and India. Donovan was inducted on Bharti Board in April 2006.
Vodafone held 9.9 per cent stake in Bharti Airtel. After the Hutch Essar deal in February, Vodafone sold 5.6 per cent direct stake in Bharti Airtel to the promoters for 1.6 billion dollars on a deferred payment basis.
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Vodafone still retains a 4.4 per cent indirect stake in the Indian telecom firm.
The two companies have also signed an agreement for sharing their infrastructure in India, to capture opportunities in rural areas.
Bharti Airtel's shares were trading at Rs 847.25, down 0.06 per cent in mid session on the Bombay Stock Exchange.
The GSM-operator has 22 million customers and is adding over 1 million each month.
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