Calcutta, June 15: Hindustan Motors chief executive officer Moloy Chowdhury has resigned from the company, the fifth high-profile exit from the beleaguered car maker after chairman C.K. Birla quit in December 2013.

Even as Chowdhury resigned, HM is still to give any indication of resuming production at its Uttarpara factory in Bengal, which has been closed for more than a year.

In a filing with the BSE, Hindustan Motors said Chowdhury "resigned from the services of the company with effect from the close of business hours on June 15, 2015". When contacted, Chowdhury confirmed his resignation but said he would not like to comment on the reasons behind the decision.

Chowdhury was appointed the CEO on May 10, 2014 for two years. He replaced Uttam Bose, who was the managing director. This was Chowdhury's second stint with Hindustan Motors; he had taken charge at a time the company was struggling with low sales of its flagship Ambassador and declared suspension of work at Uttarpara.

The erosion of its net worth prompted Hindustan Motors to approach the Board for Industrial and Financial Reconstruction.

The car maker also came up with a voluntary retirement scheme for its workers last year, unable to bear the expenses. The scheme, which offered a lumpsum of Rs 1 lakh to each of its 2,200 workers, received lukewarm response with around 850 workers subscribing to it.

Sources said the company, which is still lagging behind in the payment of dues to workers, was also struggling to pay its management personnel as production had come to a halt.

According to Hindustan Motor's annual report and accounts for 2013-14, Chowdhury's basic salary was Rs 1,45,000 per month excluding perquisites. In addition, a performance variable pay of Rs 10 lakh per annum was proposed.

Sources said Chowdhury's earlier stint as executive vice-president, which ended in 2010, was not rosy either with instances of labour unrest and production disruption. Even then, the company was facing dwindling demand for Ambassadors.

The Bengal government had held a tripartite meeting with the management and unions last month to take stock of the suspension of work at Uttarpara.

Sources said the government might offer some money to the workers with the factory remaining closed for over a year. Supply of power and water to the worker's quarters was also part of the discussion.