Hyderabad-based Mother Dairy has slipped back into uncertainty after newly appointed chairman M. Prabhakar Reddy resigned within two weeks of taking charge. Reddy, who assumed office on January 9 following the resignation of G. Madhusudhan Reddy, submitted his resignation to Managing Director Krishna on Friday. The resignation is yet to be formally accepted, media reports say.
His sudden exit has sparked discussion in political and cooperative circles, especially as it comes amid unresolved financial stress at the dairy. At the time of his appointment, bills amounting to around Rs 12 crore were pending. Reddy was elected chairman after assuring farmers and directors that the dues would be cleared.
However, sources indicate that mounting pressure from farmers and board members over the delayed payments contributed to his decision. In his resignation letter, Reddy reportedly cited health reasons for stepping down. A final decision on the resignation is expected shortly.
