New Delhi: Norikatsu Ishida, a nominee director of Sumitomo Wiring Systems (SWS) Ltd, Japan resigned from the board of Samvardhana Motherson International Ltd. (SAMIL) on Wednesday, March 6, 2024 as per a stock exchange filing by SAMIL.
SWS has one representative on the Board of SAMIL. The equity shareholding of SWS along with H. K. Wiring Systems Limited (HKWS) in SAMIL is below 10%. Since it intends to dilute the holding further, SWS believes that its best for its representative to step down from the Board of Directors of SAMIL, Norikatsu Ishida said in a recent update.
As per the stock exchange filing, SWS has diluted its holdings below 10% (i.e 9.89%), Samvardhana Motherson International Ltd. will be requested by SWS and H K Wiring System Ltd., to initiate the process to reclassify SWS as a public shareholder in accordance with applicable regulations.
Norikatsu Ishida has submitted a letter of resignation to the company. He has mentioned in this letter that SWS believes that his stepping down from the Directorship of SAMIL is for good.
