On July 12, 2024, Morningstar reported that Madras Ramachandran resigned, citing his inability to fulfill the roles required as the sole remaining independent director.
Infrastructure India plc, an AIM-quoted infrastructure investment fund, has announced the immediate departure of director M.S. Ramachandran. This follows a shareholders’ move to remove the only other independent director, leaving the Board non-compliant with corporate governance standards. Further updates are expected from the company following this significant leadership change.
On July 12, 2024, Morningstar reported that Madras Ramachandran resigned, citing his inability to fulfill the roles required as the sole remaining independent director. His resignation leaves the board with only Chief Executive Sonny Lulla and Chair Tom Tribone.
This departure led to an immediate halt in trading of IIP’s stocks. The situation escalated with a Bloomberg investigation revealing potential fraudulent activities involving the Lulla brothers, (Rajiv and Rahul ‘Sonny’ Lulla) key figures in IIP, suggesting financial mismanagement and irregularities.
Who is M. S. Ramachandran
- M. S. Ramachandran has held numerous senior positions in the Indian energy sector, bringing extensive corporate and operational expertise from his tenure at Indian Oil Corporation Limited (“Indian Oil”), the nation’s leading oil company.
- Starting his career as a management trainee in 1969, he progressed through the ranks and ultimately served as chairman of the board until 2005.
- Prior joining the board of Indian Oil (from 1998 to 2000) Ramachandran served as the Executive Director of the Oil Coordination Committee at India’s Ministry of Petroleum and Natural Gas.
- Post retiring from Indian Oil, Ramachandra has worked as a non-executive director or advisor for several companies and organizations.
- He is currently the chairman of the India-Iraq Economic Cooperation Council and a member of the board of governors at the University of Petroleum & Energy Studies.