Dabur Group family scion Gaurav Burman has stepped down as director from Elephant Capital, an India-focussed private equity fund that was backed by Mr. Burman.

The company, according to people with direct knowledge of the matter, is in a cost reduction mode, and will continue to have Mr. Burman's services through his role within the investment manager’s team.

“Our strategy remains unchanged. We intend to dispose of our remaining portfolio as soon as possible without conducting a fire sale. We plan the next return of capital in the coming months once the disposal of our listed portfolio is complete,” said Vikram Lall, Chairman, in the company’s annual report for 2013.

The company does not plan on making any new investments and will instead adopt a policy of managing and realising its current portfolio.

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