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"At the board meeting last week, three directors of Jumbo had resigned and we cannot put our directors right away as some formalities are required to be fulfilled under the takeover code," Ruia told PTI.
The company informed the Bombay Stock Exchange that two of its directors, A K Kapur and P Balakrishnan, resigned with effect from December 9.
Executive director of the company, D Chaudhari, who was also a whole time director, also resigned from his post on December 9 and has also ceased to be a member of the board, it added.
Ruias took over Dunlop and profit-making Falcon tyres from Mauritius-based DIL Rims & Wheels at a packaged deal worth Rs 200 crore (Rs 2 billion).
The Ruia group has roped in a strategic investor for buying the two firms for which it had floated a SPV based in Singapore.
"To meet the conditions, we have to make either an open offer, or alternatively we can get a special resolution passed at an EGM. The process would take atleast 40 days," Ruia said.
Presently, there are three independent directors on the board. They are R K Sadhu, who was previously BIFR nominee, K S Kumar and A K Jajodia.
"We would decide the board strength we would like to have later," Ruia said.
