Dry cell battery maker Eveready Industries India Ltd on March 8 announced its board has approved the appointment of Suvamoy Saha as the company's new managing director.
"The board has, at its meeting held on March 8, 2022, approved the appointment of Suvamoy Saha, as the managing director of the company for a period of 3 years effective March 8, 2022," Eveready said in a regulatory filing.
The approval came five days after Saha's name was proposed for the top role. The appointment was necessitated as Eveready India's incumbent MD Amritanshu Khaitan resigned from his post on March 3, following an open offer from the Burman group.
Saha was, notably, appointed as the joint MD of Eveready India in August last year, in a move that was aimed at "re-orientation" of processes in the post pandemic world and finding "new growth avenues".
Prior to his appointment as the joint MD, Saha was a non-executive director prior. He also served as a whole time director of the company from March 2005 to July 2019.
The resignation of Saha's predecessor, Khaitan, was accepted by the company's board on March 3. Along with him, Eveready's non-executive chairman Aditya Khaitan had also resigned post the open offer from Burman group.
The Burman group, through various entities, had on February 28 made a Rs 604.76-crore open offer to acquire around 1.89 crore shares of Eveready Industries, representing 26 per cent of the expanded voting share capital, at a price of Rs 320 per share, payable in cash.
Earlier, the Burman group, through its entities -- Puran Associates Pvt Ltd, VIC Enterprises Pvt Ltd, MB Finmart Pvt Ltd, Gyan Enterprises Ltd and Chowdry Associates -- held 19.84 percent stake in Eveready Industries.
(With PTI inputs)
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