Balvinder Singh Ahluwalia resigns as president of Koutons Retail

GURGAON: Balvinder Singh Ahluwalia, who was serving as President of the garment company Koutons Retail, has quit his job. Though, he has not joined any new firm yet.

Koutons Retail has been running under the debt burden of around Rs 660 crore on its books. Now, the company is undertaking a corporate debt restructuring (CDR) to reliever the debt burden. Since the start of year 2010, many top officials of the company have resigned. Ajay Mahajan resigned as Chief Financial Officer, and Poonam Chahal had left as Company Secretary of the company in 2010. In 2011, Vinod Chander Sinha, Girish Chandra Raghubir and Krishnamurthy Santhanam, who were working as independent directors, left the company due to personal reasons.

Two more top officials Gurdarshan Singh Bhalla and Virender Kumar Gupta also resigned as directors of the company. And then Arun Aggarwal, who was acting as Company Secretary-cum-Compliance Officer, also left the company. The stock of Koutons Retail India Ltd was also running red at Rs 28.55, down by Rs 0.60 or 2.06 per cent at 1343 hrs, on July 15, 2011.