The company states that Barua has confirmed that there are no material reasons for his resignation other than those mentioned in his resignation letter
Citing increased professional commitments, Sahil Barua, the Co-founder and Chief Executive Officer (CEO) of Delhivery, has tendered his resignation as Independent Director of Swiggy and has stepped down from the company’s board after the close of business hours on 11 April, the food delivery company informed in an exchange filing.
“Due to my increased professional commitments in my role as the CEO of Delhivery, I find myself unable to dedicate the necessary time and attention required to fulfil my responsibilities as an independent director on your board. I believe it would be in the best interest of the company for me to step down and allow someone who can devote the requisite time and focus to take on this responsibility,” Barua stated in his resignation letter to the board of directors of Swiggy.
The company informed that Barua has confirmed that there are no material reasons for his resignation other than those mentioned in his resignation letter. Barua stated that serving on the board of the company was an enriching experience and he was grateful for the opportunity to contribute to the growth and success of the organisation.
“Sahil was one of the first independent members of Swiggy’s board and has played a meaningful role in the company’s journey as we have scaled and transitioned into the public markets. We are grateful for his support over the past two years and wish him continued success,” stated Anand Kripalu, Chairperson of the Swiggy Board.
In an earlier development, aimed at allowing itself to invest more effectively in improving service quality through network expansion and network quality improvements, Delhivery has notified that it will be acquiring a 99.4 per cent stake in Ecom Express for purchase consideration not exceeding Rs 1,407 crore.
Post completion of such acquisition, Ecom will become a subsidiary of Delhivery. The statement added that the Board has approved the execution of the Share Purchase Agreement (SPA) amongst the company, the target company and their shareholders and the execution of other necessary documents regarding the aforementioned acquisition.
