Praveg announces resignation of Managing Director, Paras Patel

Praveg Limited, India's leading eco-responsible luxury resorts company announced that it has received the resignation of its Managing Director, Paras Patel, who will be moving on due to his health issue. The Board of Directors of Praveg Limited accepted the notice of resignation of Paras Patel as the Managing Director, effective immediately.

Commenting on this Vishnu Patel, Chairman of the Board, Praveg Limited, said, "Paras has been an integral part of our leadership team and has positively contributed to the growth and success of the company. Over the years, we worked very closely and achieved several milestones, including taking the company public. His leadership was instrumental in the rapid expansion of Praveg. We appreciate his valuable contributions towards the growth of the Company and wish him good health."

This fast pace growth of the company demanded more participation from Paras Patel, but his falling health became an issue. Accordingly, he took decision to resign and handover the Managing Director responsibilities to Vishnu Patel.

Vishnu Patel further added that "Paras will continue to act as an advisor to the board and provide his valuable guidance on all the ongoing projects. I am taking over the Managing Director responsibilities from Paras and will guide the team to ensure the smooth implementation and operation of all our 16 projects. Company has well planned this transition and placed right professionals in the relevant areas for handing over the work done by Paras. We have also started inducting senior professionals on our board to handle the future growth of the company.

Praveg currently has 6 projects in operation and 10 under development. Company is aiming to add more eco-responsible luxury resorts across India.

Shares of Praveg Communications (India) Ltd was last trading in BSE at Rs. 485.80 as compared to the previous close of Rs. 490.60. The total number of shares traded during the day was 27208 in over 329 trades.

The stock hit an intraday high of Rs. 499.00 and intraday low of 484.10. The net turnover during the day was Rs. 13250399.00.

Source : Equity Bulls

Keywords

Praveg INE722B01019 Resignation MD