IT major Wipro Ltd on Thursday said that two of its independent directors B C Prabhakar and Shyam Saran have conveyed their intention not to seek re-election in order to pursue other personal and professional interests.
Henning Kagermann, an independent director on the board of Wipro Limited since 2009, has also expressed his intent to resign in keeping with regulatory requirements in Germany, the company said. Prabhakar and Shyam Saran had joined the Wipro board in 1997 and 2010 respectively, and will cease to be directors on July 23, while Kagermann’s resignation will take effect on June 30, 2014.
The Companies Act 2013 requires all existing independent directors to be re-appointed as independent directors at the company’s Annual General Meeting. Wipro’s existing independent directors who will be reappointed as independent directors at its Annual General Meeting on July 23, 2014 are Ireena Vittal, Vyomesh Joshi, M K Sharma, Bill Owens, N Vaghul, Ashok Ganguly and Jagdish Sheth.