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MUMBAI: Yashovardhan Birla has resigned from the boards of four listed group companies so far this year. The resignations come at a time when the group is grappling with some cases of default and winding up filed by various lenders.

Yash Birla resigned from Birla Precision on May 27. Mr Birla has also resigned from Birla Power, Birla Pacific Medspa, Birla Precision Technologies and Melstar Information Technologies in the past few months.

Directors of other group companies have also quit. They include PVR Murthy from Birla Precision, Nidigallu Srikrishna from Birla Shloka Edutech, Anoj Menon from Zenith Birla and Jaydeep Baaerjee from Birla Pacific Medspa. Share prices of companies belongs to Yash Bira have fallen between 25% and 90% in the past one year and are all trading between 11 paisa and Rs 5.32.

Companies of the Yash Birla group face action from lenders for non-payment of interest on loans. United Bank of India recently issued a public notice that Birla Surya has not repaid its loans despite repeated reminders. The bank said it reserved the right to begin legal action to recover its money.

PD Sekhsaria Co, a Mumbai based manufacturing company, recently filed a petition in the Bombay High Court to wind up Birla Power after the company defaulted in a payment.

Libra TechCon, a Mumbai-based chemical technology firm, has filed company winding up petition against Birla Power and Birla Cotsyn and

Birla, a member of the famous family that traces its lineage to GD Birla, has been diluting his stake over the past few years in his companies by issuing shares to raise money both in the domestic and global market. Currently the promoter group holds just 1.08% in Birla Power, 20.44% in Birla Pacific, 54.12% in Birla Precision and 50% in Melstar Information.