Eveready Appoints Suvamoy Saha as MD
Eveready Appoints Suvamoy Saha as MD

Battery and flashlight maker Eveready Industries India Ltd board said it appointed Suvamoy Saha as the managing director for three years after promoters led by Khaitans resigned from the board. 

Non-Executive Chairman Aditya Khaitan and Managing Director Amritanshu Khaitan have resigned last week after Burman family of Dabur announced an open offer for the company and showed intent to take direct control of Eveready.

Burmans have also sought two non-executive berths on the board but it is not known whether the chairman will be appointed from the family of the largest shareholder. The Burmans made the open offer for a 26 percent stake after placing an order for a 5.26 percent Eveready stake from the open market at Rs 320 a share.

READ MORE: Burmans of Dabur Make Open Offer for Eveready Industries Takeover Bid

Burmans have not yet been able to buy the said stake as the price is still hovering over the bid price. The family's current holding is 19.8 percent. They have earlier said they were keen to run the company by professionals.

 
Stay on top – Get the daily news from Indian Retailer in your inbox
Also Worth Reading