L. Lakshman has stepped down as a non-executive director of Rane Holdings Ltd., the holding company of the Rane Group, according to the retirement policy for the board.
The board, however, appointed him as chairman emeritus for a further term of five years with effect from Friday. He had been associated with the group for more than five decades.
RHL posted a standalone loss of ₹16.59 crore for the fourth quarter ended March 31. It had reported a standalone net profit of ₹8.78 crore in Q4 FY20.
The Q4 FY21 results included an exceptional expense of ₹107 crore incurred by Rane NSK on warranty provision.
