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Micromax chairman Sanjay Kapoor resigns

Micromax chairman Sanjay Kapoor resigns - Sanjay Kapoor, the chairman of Micromax, has resigned after serving a little more than a year.

In an email, the company said "Mr Sanjay Kapoor has decided to move on".

Some individuals, familiar with the matter said that his departure is a result of differences with promoters regarding strategy.

The electronics company said in its email "Appropriate announcements will be made in due course. We would like to thank him for his contribution and wish him luck for all his future endeavors."

Talks are in progress in connection with the financial terms of his departure, one of the individuals referred to above said.

Kapoor joined the company in June 2014. He was assigned the task of making Indian company Micromax a global brand, thereby assisting it to raise funds and augment its software competencies.

He had to concentrate on new products as well as base growth on areas like storage, access, data, applications, content and analytics, in addition to handsets.

The person referred to above said "Differences regarding these and more have been rising over a period of time. But now they have reached a point that they can't be reconciled".

In the month of April, ET reported the differences cropping up between Kapoor as well as the promoters over multiple issues, covering the retail distribution channels.