A next generation member of the family behind Indian conglomerate TVS Group has unexpectedly resigned. Krishna Mahesh, executive director of subsidiary Sundaram Brake Linings (SBL) and son of the chairman and managing director, has also stepped down from his position on the board.
SBL made the announcement to the Bombay Stock Exchange, but has not made any other statement.
Established in 1976 as a joint venture, SBL manufactures automotive, non-automotive and industrial friction materials. Its products are extensively used in commercial vehicles, passenger cars, tractors and motor cycles.
In common with many other businesses reliant on a successful automotive industry, SBL has suffered from the current economic downturn. Unaudited figures for 2008 show that both sales and pre-tax profits are down on the previous year.
The TVS Group traces its roots back to a rural transport service, founded in 1911 in Tamil Nadu. Today it is India’s leading supplier of automotive components with a combined turnover of more than $4 billion.