The country’s largest two-wheeler maker Hero Honda on Friday said Japanese promoter Honda’s two representatives on its board — Toshiaki Nakagawa and Sumihisa Fukuda — have resigned, a step towards the final break-up of the joint venture.
“Toshiaki Nakagawa, Joint Managing Director, and Sumihisa Fukuda, Technical Director, of the company have resigned from the board of directors with effect from March 22, 2011, and the same has been considered and approved by the board of directors of the company,” Hero Honda said in a filing to the Bombay Stock Exchange (BSE).
In December last year, the Indian promoter of the two-wheeler maker, the BM Munjal family, had agreed to buyout the entire 26 per cent stake of Honda in Hero Honda for Rs 3,841.83 crore.
ADVERTISEMENT