new delhi ajay piramal said he plans to resign as chairman of shriram capital ltd the indian nonbank finance company backed by south africas sanlam group as he works to sell his stake in shrirams parent groupi will step down in due course as i do not have much role in shriram capital piramal said in a recent interview in mumbai he declined to share detailspiramal who was named chairman of unlisted shriram capital in 2014 is exiting the chennaibased group after failing to consolidate his holdings into a nonbanking financial behemoth amid a cash crunch in indias financial system he is now planning two funds to invest in embattled realty projects and lend to retail borrowers after announcing a 770 million capital raisethe shriram group is urging piramal to continue as chairman even if he doesnt hold any shares founder r thyagarajan said by phonethe billionaires pharmaceuticalstoreal estate group piramal enterprises ltd sold its 10 stake in truck financier shriram transport finance co in june and has started the process to sell its 20 in shriram capital