The Hindu Business Line : Thomas Cook India reconstitutes board — Udayan Bose made non-executive chairman

Mr Sayanta Basu has taken over as Additional Director and Deputy Chairman. The other directors who have been inducted are Ms Jacquiline Gorski, Mr Abdulhakeem Kamkar, Mr A.V. Rajwade and Mr Dilip De.

The board revamp follows the completion of the acquisition of Thomas Cook International Markets Ltd, UK, by Dubai Financial LLC. Dubai Financial agreed to acquire 100 per cent of Thomas Cook International Markets on December 21, 2005. Subsequently, an open offer was made. The transaction has now been completed.

Dubai Financial LLC is a 100 per cent subsidiary of Dubai Investment Group, the global investment arm of Dubai Holding. Dubai Investment Group has offices in the US, the UK and Asia and this is its first deal in India.

Mr Ashwini Kakkar has stepped down as the CEO and Managing Director of Thomas Cook India with immediate effect along with Dr Thomas Doering (Chairman) and Mr Heinz Ludger Heuberg (Vice-Chairman). Other outgoing Directors include Mr Ian Ailles, Mr Roland Zeh, Mr Juergen Bueser and Mr Lester Porter.

Mr Kakkar will, however, continue to offer his services to Thomas Cook India as Advisor to the board for at least six months.

"In my years with Thomas Cook India, I've seen our business grow and Thomas Cook India is now the leading player both in the travel and financial services space. Going forward, I am sure that the growth pattern will continue and the change in ownership and shareholding pattern augurs well for the future of the company,'' a news release said quoting Mr Kakkar.