Ortel CEO Bibhu Prasad Rath quits
MUMBAI: Ortel Communications president and CEO Bibhu Prasad Rath has resigned from the company after an over 20-year stint. Rath will relinquish his position on 3rd April.
“With reference to the above subject and in pursuant to Regulation 30 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with Schedule Ill, Part-A, Clause-A, Sub-clause 7 of LODR, we wish to inform your good office that Mr. Bibhu Prasad Rath (PAN- AAYPR3012R), has resigned from the post of Chief Executive Officer (CEO) of the Company,” Ortel said in a regulatory filing.
“The Resolution Professional of the Company has accepted his resignation and he will be relieved of his responsibilities effective from close of business hours on April 03, 2020.”
Ortel Communications is under the Corporate Insolvency Resolution Process of the Insolvency and Bankruptcy Code 2016. Its affairs, business, and assets are being managed by the Resolution Professional, Srigopal Choudhary, appointed by the National Company Law Tribunal by order dated 1st February 2019 under the provisions of the Code.
Rath has been instrumental in Ortel’s growth. Under his tenure, the company expanded outside Odisha. He also oversaw the company’s initial public offering (IPO).
He has been associated with the company since 1st October 1999. Holding a bachelor’s degree in science from Utkal University, Rath has done an MBA from the Indian Institute of Management, Ahmedabad. He is also a qualified cost and works accountant from the Institute of Cost and Works Accountants of India.