SEBI ousts Globus MD

Globus Corporation’s Managing Director Mahendra C. Shah has resigned from the aluminium company according to an order passed by the Securities and Exchange Board of India (SEBI).

Globus Corporation’s Managing Director Mahendra C Shah has resigned from the aluminium company according to an order passed by the Securities and Exchange Board of India (SEBI).

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On June 24, SEBI restrained Shah from trading and accessing the securities market and also restricted him from holding any managerial position, including directorship or any other key position in any listed company in India, the aluminium company said in a filing to the Bombay Stock Exchange (BSE) on Monday.

The company will appoint an additional director to fill the vacancy of managing director in Tuesday’s board meeting, the filing added.