Nikhil Gandhi may take over as chairman of Everonn: Sources

Promoter Nikhil Gandhi is likely to take over as chairman of Everonn Education, reports CNBC-TV18 quoting sources.

JJ Irani, who was at the helm at the company affairs, had resigned from the board of directors on Friday.

Meanwhile, Susha John was appointed CEO after Everonn's managing director P Kishore was arrested by the Central Bureau of Investigation (CBI) on charges of bribing an income tax official.

The board is expected to meet this week to finalise the decision. Sources say Kishore may be asked to relinquish is board and management duties.

The CBI said Kishore was arrested when he was paying a bribe of Rs 50 lakh to Andasu Ravinder, an additional commissioner of Income Tax Department after the duo clinched a deal to suppress profits of Rs 116 crore, which was not reflected in the books of the company.

The company earned revenues of Rs 301.6 crore and a net profit of Rs 72.9 crore for the fiscal ended March 2011.

Sources tell CNBC-TV18 that investors have expressed concern over Kishore