Shapoorji Pallonji Mistry steps down from Eureka Forbes board; Arvind Uppal becomes chairman

Shapoorji Pallonji Mistry and six other directors have resigned from the board of Eureka Forbes, with the new owner Lunolux Ltd taking control of the vacuum cleaner and water purifier maker.

The board of Eureka Forbes, in a meeting held on Tuesday, approved the appointment of Arvind Uppal as chairman with immediate effect, the company said a regulatory filing.

The board also appointed two non-executive directors and two independent directors, it added. Uppal is the non-executive chairman of Whirlpool of India Ltd and a nominee of Lunolux Ltd on the board.

Seven directors, including Shapoorji Pallonji Mistry, have stepped down from the board, it added. "The Board has also considered and accepted the resignation of Homi Adi Katgara as Chairman of the Board with immediate effect, who will however continue to serve as an independent director on the Board," it said.

Lunolux Ltd is a special purpose vehicle incorporated by AI Global Investments (Cyprus) PCC Ltd, which operates as the investment hub for Asia for all the funds managed by Advent International. In September 2021, Advent International signed a deal to buy a majority stake in Eureka Forbes Ltd, the consumer durable flagship of the Shapoorji Pallonji Group, for Rs 4,400 crore.

As per the share purchase agreement, Lunolux has acquired 63.86 per cent of the total issued and paid-up share capital of Eureka Forbes on April 25, 2022. "Consequent to such transfer, the Acquirer has acquired control over the Company and has become a promoter of the Company with effect from April 25, 2022," said Eureka Forbes Ltd.