"The termination of the employment of Venkatesh is due to the grave nature of misconduct and breach of trust on his part and having knowingly undertaken actions which were detrimental to the interests of the company and its stakeholders," the company had said in a regulatory filing on August 30.
The company's board has also sacked its Chairman Gautam Thapar with immediate effect.
The company has been hit by a major corporate governance issue involving unauthorised transactions and understatement of liabilities which caused a massive loss in share value.
The company had disclosed the findings of its risk and audit committee (RAC), which revealed that the firm and the group together could have under-reported liabilities to the extent of over Rs 3,600 crore in FY17 and FY18. They also understated the loans advanced to related and unrelated parties t o the tune of about Rs 7,600 crore during the two financial years.
"Recoverability of such amounts along with any interest and other related amounts, from related and other unrelated parties, will be evaluated with appropriate legal inputs, after which necessary actions will be instituted," the company has said in a regulatory filing to the BSE.