Hyderabad: Dairy and food major Heritage Foods Ltd has announced that Mr M. Siva Rama Vara Prasad has resigned from its board of directors citing personal reasons. Mr Prasad, an NRI based in Ghana, was a non-executive independent director of Heritage Foods.
Mr Prasad’s resignation comes after this newspaper revealed that his name was mentioned in the Panama Papers. The entities mentioned in the Panama Papers have come under public and tax scrutiny, even though it has been stated that merely being mentioned in the Panama Papers is not any indication of illegality.
“M. Siva Rama Vara Prasad, non-executive independent director of the company, has submitted his resignation from the office of Director in the Board of Directors of the Company on May 12, 2016 due to his personal reason,” Heritage Foods informed the Bombay Stock Exchange.
The company said his resignation may be accepted when its board of directors meets on May 23, 2016. Heritage Foods is owned by the family of Andhra Pradesh Chief Minister N. Chandrababu Naidu.
Earlier, Heritage Foods had clarified that Mr Prasad does not have any business links with the company.
