Hyderabad: Ramky Infrastructure founder A. Ayodhya Rami Reddy has resigned from the posts of executive chairman and director of the company to contest for a Lok Sabha seat in the forthcoming general elections. Speaking to this newspaper, Mr Reddy said, “Because of policy paralysis, I have nothing much to do in business. So I thought of doing something good to people. So I have quit from the corporate positions and would contest from the Narsaraopet Lok Sabha constituency as a YSR Congress candidate.”
In a statement to BSE earlier in the day, Ramky said the board of directors at its meeting held on February 25 had considered and approved the resignation of Mr Reddy as executive chairman and director. The board has also appointed Mr Kamlesh Shivji Vikamsey as non-executive chairman for a period of six months.
The company has also formed a selection committee to identify the vice-chairman and MD. Mr Reddy, who is known for his firm stand on keeping AP united, has been strong critic for regulatory hurdles in the infrastructure sector. “Slow decision making due to regulatory issues, investigation, and judicial intervention has led to a situation, where thousands of crores of rupees have got stuck. Companies that have increased their overheads in view of anticipated government projects are in losses,” he had explained.
