Kumar Mangalam Birla rejoins the Vi’s board, after two years of resignation as chairman of board

Kumar Mangalam Birla who exited the Vodafone Idea company’s board two years ago is rejoining the board but as an Additional Director (Non-Executive and Non-Independent). The company announced this in an announcement on Thursday. He left the board two years ago amidst increasing debts though he tried his best during his time to curb the financial issue of the company. While he was serving the company as the chairman of the board he wrote a letter to the government to inform them about the troubles that the company was facing.

The government took it into consideration and released the bailout package for the company. The government also converted Vi’s debt into equity in the company. As soon as KMB resigned from the chairmanship company stock plummeted to a 52-week low figure of Rs 4.55 apiece on the Bombay Stock Exchange (BSE). In the last two years, Aditya Birla has infused equity in the company thus helping the cash-strapped company Vi. Rejoining KMB will certainly bring confidence in Vi to lend some additional infusion of equity from the Aditya Birla Group.