HM’s MD resigns, may take new role in HM Finance Corporation

Three top officials of India’s oldest carmaker, Hindustan Motors – Uttam Bose, MD, Yogesh Goenka, CFO, and Kranti Sinha, director, have resigned. However, it is learnt that two of them – Bose and Goenka – will remain within the group. There’s no official comment on the information as of now.

Bose, who joined Hindustan Motors in April 2012 may move to Hindustan Motor Finance Corporation Ltd (HMFCL)which was spun off as a fully-owned subsidiary in January 2013 as part of the company’s restructuring process. HMFCL includes the Chennai car plant, for which the parent company is looking for a strategic investor. It is to be noted that Bose has been playing a key role in HM’s turnaround plan so far, which includes negotiations with prospective investors.

Autocar Professional had earlier reported that the strategic investor could be announced during the April-June 2014 quarter. The latest moves in HM are learnt to be part of the larger play to ‘restructure and revitalise’ the company.

Photograph: Uttam Bose