The Hindu Business Line : Anil Nanda resigns as Escorts MD, stays Vice-Chairman

MR Anil Nanda, the younger brother of Escorts Ltd Chairman, Mr Rajan Nanda, has resigned from the post of Managing Director in Escorts Ltd. He will however continue to be the Vice-Chairman of the company.

Though not detailing the reasons for his resignation, a Goetze official said, "Mr Anil Nanda is only involved with the running of Goetze, and has nothing to do with Escorts at the moment."

In a meeting held in January 2003, the board of Escorts Ltd had decided to give Mr Anil Nanda control over Goetze India Ltd, an auto ancillary company.

Significantly, in that meeting, the board had also decided in favour of Mr Anil Nanda resigning from a few Escorts group companies.

Mr Nanda holds an approximate 27.21 per cent stake in Goetze, according to information on the Bombay Stock Exchange (BSE) Web site.

Company officials from both sides meanwhile declined to comment on whether the resignation had any connection with the differences that had come up recently in the Nanda family over the sell-off of Escorts Heart Institute and Research Centre Ltd (EHIRC).

Industry sources, however, say that the differences are said to have been subsequently "sorted" out with Mr Nikhil Nanda, the son of Mr Rajan Nanda and also Executive Director in Escorts Ltd, stepping in to resolve the matter.

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Anil Nanda resigns as Escorts MD, stays Vice-Chairman