ACC's CFO Yatin Malhotra resigns, held position for two years

1 September 2022

ACC Ltd's Chief Financial Officer, Yatin Malhotra, has resigned with immediate effect, the company said in a filing with stock exchanges on Wednesday.

The reason behind the resignation was not provided by the company or the CFO. Securities and Exchange Board of India's listing regulations requires disclosure of reason behind resignation in the case of independent directors but not when the CFO of a company resigns.

Malhotra was the CFO of ACC from September 1 2020. Prior to him, Rajani Kesari was the CFO from August 1 2019 to August 31 2020.

According to the company's annual report for 2021 (Jan-Dec) Malhotra was paid a remuneration of 20.7 mln rupees in 2021 which included 1.61 mln rupees performance linked incentive for Sep-Dec 2020 and "performance shares of Holcim Ltd (ultimate holding company)" of 1.18 mln rupees.

ACC's promoter holding was recently been acquired by the Adani Group and the open offer by the acquirer under the takeover rules is currently going on.
Holcim Group recently sold its entire stake in ACC and Ambuja Cements Ltd to the Adani Group for 501.8 bln rupees and the open offer by the acquirer under the takeover rules is currently underway.