Mother Dairy chairman Prabhakar Reddy resigns within two weeks of appointment
Mother Dairy in Hyderabad has plunged back into uncertainty after its newly appointed chairman, M Prabhakar Reddy, resigned within two weeks of taking charge. His departure, citing health reasons, comes amid mounting pressure from farmers and directors over pending dues of Rs 12 crore.
Hyderabad: Things have returned to square one at Mother Dairy after chairman M Prabhakar Reddy tendered his resignation on Friday, within two weeks of assuming office.
Prabhakar Reddy had taken charge as chairman on January 9 following the resignation of G Madhusudhan Reddy. His sudden exit has triggered debate in political circles, particularly over the circumstances that led to his resignation.
He submitted his resignation letter to Managing Director Krishna at the dairy’s head office in Hayathnagar on Friday. The resignation is yet to be accepted.
When Prabhakar Reddy took charge, bills amounting to Rs 12 crore were pending. He was elected chairman after assuring that these dues would be cleared. However, shortly after assuming office, he tendered his resignation. It is learnt that he faced considerable pressure from farmers and directors over the clearance of the pending bills.
Mother Dairy Managing Director Krishna reportedly stated that Prabhakar Reddy had cited health reasons for stepping down in his resignation letter. A decision on accepting the resignation is expected shortly.
