Amitabh Bachchan, Amar Singh resign from each other's companies
Bachchan has been a shareholder, initially as promoter shareholder and later as public shareholder, in the firm with 10 lakh shares.
By ET Bureau | Updated:
NEW DELHI: Former Samajwadi Party General Secretary Amar Singh and Bollywood icon Amitabh Bachchan have quit from each other's companies, making their estrangement official.
Bachchan on Wednesday resigned from the board of Amar Singh-promoted Energy Development Company and Singh simultaneously resigned from Bachchan's AB Corporation. Once considered Bachchan's white knight in shining armour, Singh's relationship with the star had strained after he was expelled from the Samajwadi Party.
"I have resigned as Executive Chairman of EDCL due to time constraint.... Since I have resigned from the post of my own company, I thought it was not prudent to continue as vice-chairman of AB Corporation, therefore I have stepped down from that post as well," Singh told a news agency.
He informed Bachchan too had resigned from the board of EDCL.
"He has attended two or three meetings of EDCL in the past ten years," Singh said. Amar Singh, however, added that "no significance should be attached" to the developments. Bachchan's wife Jaya had refused to leave the Samajwadi Party after Singh was expelled. She was later renominated by SP to the Rajya Sabha and recently appointed a member of the party's national executive.
All promoters, including Singh and his wife Pankaja Kumari Singh, together hold 56.36% stake in EDCL, which is currently valued at about 100 crore.
Bachchan has been a shareholder, initially as promoter shareholder and later as public shareholder, in the firm with 10 lakh shares.
As per the shareholding pattern disclosed by the company, Bachchan's 10 lakh shares was equivalent to a 3.64% stake at the end of June, 2009.
Bachchan on Wednesday resigned from the board of Amar Singh-promoted Energy Development Company and Singh simultaneously resigned from Bachchan's AB Corporation. Once considered Bachchan's white knight in shining armour, Singh's relationship with the star had strained after he was expelled from the Samajwadi Party.
"I have resigned as Executive Chairman of EDCL due to time constraint.... Since I have resigned from the post of my own company, I thought it was not prudent to continue as vice-chairman of AB Corporation, therefore I have stepped down from that post as well," Singh told a news agency.
He informed Bachchan too had resigned from the board of EDCL.
"He has attended two or three meetings of EDCL in the past ten years," Singh said. Amar Singh, however, added that "no significance should be attached" to the developments. Bachchan's wife Jaya had refused to leave the Samajwadi Party after Singh was expelled. She was later renominated by SP to the Rajya Sabha and recently appointed a member of the party's national executive.
All promoters, including Singh and his wife Pankaja Kumari Singh, together hold 56.36% stake in EDCL, which is currently valued at about 100 crore.
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Bachchan has been a shareholder, initially as promoter shareholder and later as public shareholder, in the firm with 10 lakh shares.
As per the shareholding pattern disclosed by the company, Bachchan's 10 lakh shares was equivalent to a 3.64% stake at the end of June, 2009.
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