Gitanjali's CFO, VP & board member quit

Gitanjali Gems, which is embroiled in the Rs 11,400 crore PNB loan scam, today said two of its senior management officials including CFO Chandrakant Karkare, and a board member have quit.

The company's Vice President (Compliance) and Company Secretary Pankhuri has resigned with effect from February 13, while Karkare has resigned from the post of CFO effective from February 15, Gitanjali said in a regulatory filing.

Its board member Krishnan Sangameswaran has also resigned, the company added. The company's website was not accessible and said it was "currently undergoing scheduled maintenance".


In the regulatory filing, Gitanjali Gems informed that its Chief Financial Officer (CFO) Karkare has resigned citing personal reasons. In his resignation letter, Karkare said: "Recently, my wife has undergone a major surgery called Hemicolectomy at Lilavati Hospital. The post operation recovery is not up to the expected level. This has resulted in restriction on me carrying responsibilities as CFO and will be very difficult for me in future. ...Kindly accept my resignation from the post of CFO with immediate effect." Gitanjali Gems has submitted a copy of the CFO's resignation letter to the BSE.

Shares of Gitanjali Gems continued to fall for the fourth straight session today, plunging 10 per cent as investor sentiment remained muted after the company came under the scanner of various investigating agencies following PNB's Rs 11,400-crore fraud detection. It stock further tumbled 9.99 per cent to Rs 33.80 -- its lower circuit limit -- on BSE.