Amul Dairy’s Managing Director K Rathnam resigned from his post on Saturday citing personal reasons. His decision to step down as the managing director of the Kaira District Co-operative Milk Producers Union Ltd, popularly known as Amul Dairy, follows allegations of corruption in the organisation.

Amul Dairy has refuted reports of any connection between his resignation and allegations of fraud as well as dismissed claims that Rathnam was found guilty of corruption. Kaira District Co-operative Milk Producers Union Ltd chairperson Ramsinh Parmar said the allegations were “far from the truth” and “perpetuated by rumour mongers”.

“I have given Amul 22 years of my life,” Rathnam said in his resignation letter. “Now, I wish to spend time with my family that is settled in Tamil Nadu and America.” In a statement, the cooperative said Senior General Manager (planning and marketing) Jayen Mehta has been appointed the managing director in charge of the union.