ICICI Venture directors have quit Subhiksha

ICICI Venture, which owns 23 per cent of troubled Subhiksha Trading Services, has reiterated that it has exercised the right to withdraw its nominee from the board of the retailer and also informed the Registrar of Companies about it.

ICICI Venture informed Subhiksha on January 8, 2009, about the withdrawal of its nominee directors and asked the company to make the requisite filing with the RoC, Chennai. However, when ICICI Venture did not receive any copies of the filing till January 19, it informed the RoC of the resignations.

Both in the investment agreement and in the articles of association of the company, the position of the ICICI Venture directors is that of a nominee director on Subhiksha and the right to withdraw the nomination vests with the fund. Since the fund has exercised the right and accordingly intimated the company the resignations are effective January 8, the fund said in a statement.