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Essel Propack said on Monday that its Chairman Subhash Chandra, his immediate family members and related entities will no longer be a part of the company’s promoter group. This is the result of a modified family arrangement between Chandra and his younger brothers — Laxmi Narain Goel, 61, Jawahar Goel, 59, and Ashok Goel, 52. Chandra, who is Chairman of Zee Entertainment Enterprises and promoter of the Essel Group of Companies, will become a non-promoter, non-executive director of Essel Propack. Chandra and his affiliates collectively hold 3.54 per cent of Essel Propack’s share capital, as per the company’s communication to the stock exchanges.Shares of Essel Propack were down by 3.3 per cent to close at ₹130.45 on the BSE.
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