On Saturday, 4th July 2020 Debt-ridden Jaiprakash Associates stated that their Managing Director (Cement) Sunny Gaur has resigned from the Company. The reason for resigning was cited to be personal as stated by the Jaiprakash Associates in a regulatory update.
It said, “The Board of Directors has, by a resolution passed through circulation on 4th July 2020, accepted the resignation of Sunny Gaur as tendered by him due to certain personal reasons, from the office of Director/Whole-time Director designated as Managing Director (Cement), with effect from the date of passing of the resolution.
The Group’s cement facilities are located in Satna Cluster (Madhya Pradesh). Earlier the group has sold its major cement facilities to Aditya Birla group firm Ultratech Cement to reduce its debt.
In 2017, Ultratech Cement has completed the 16,189 Crore acquisition of Jaiprakash Associates six integrated cement plants and five grinding units, having a capacity of 21.2 million tonnes.