Nava Bharat Ventures Limited announced that the board of directors of the company withdrawing its earlier nomination of Sri. C. S. V. Rao from the board of the company with effect from March 8, 2014. The directors approved a circular resolution dated March 21, 2014 taking on record the cessation of the directorship.

The directors further nominated Dr. D. Nageswara Rao, Independent Director, on the remuneration and audit committees with immediate effect in the place of Sri. C. S. V. Rao.