Two days after the company's AGM for the extended 18-month financial year, C K Birla stepped down as chairman of the ailing automobile company Hindustan Motors (HM) Ltd.
The decision reflected Birla's thinking that his stepping down would pave the way for the entry of strategic investors and allow for greater flexibility
Bose had said the company needed to restructure the business by demerging the Chennai and Uttarpara operations for which HM was seeking strategic investors for both the units.
During the 18-month period under review beginning April, 2012 and ending September 2013, HM incurred a loss of Rs 71.20 crore (Rs 712 million) as compared to a loss of Rs 29.96 crore (Rs 299.6 million) in FY2011-12.
The company's accumulated losses have exceeded its net worth at the completion of the extended financial year ended September 30, 2013.
Birla was appointed chairman of HM in November 1997. Birla had also relinquished the post of directorship in the company.
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