India-based Magma Fincorp Ltd. said Sept. 1 that Narayan Keelveedhi Seshadri resigned as an independent nonexecutive director on its board, effective Aug. 31.

Consequently, he also ceased to be the chairman of the company.

Seshadri said he is stepping down due to other preoccupations and that he is unable to devote the time required by a company initiating many structural changes.