India: Jaypee vice chairman and director resigns

Jaiprakash Associates Ltd (JAL) said its vice chairman, Sarat Kumar Jain, has resigned from the Group.

Jain had been associated with the Jaypee Group for over 50 years. "He is presently 78 years old and is not keeping in good health. As such he has expressed his inability to continue as vice chairman/director of JAL," the firm said.

Jain resigned from the office of the vice chairman and director of JAL yesterday with immediate effect, it added.

In March, in one of the biggest deals in the domestic cement industry, debt-ridden JAL announced part sale of its cement business to Kumarmangalam Birla-led Ultra Tech for INR159bn (US$2.3bn).