Comments
The shares of Everonn Education Ltd sank 20 per cent on the bourses today following the arrest of its MD on an alleged bribery attempt charge.
However, the company, acting quickly to keep the morale of the organisation high following the arrest of its Managing Director, Mr P. Kishore, appointed Ms Susha John, Whole-time Director as the Chief Executive Officer (CEO), to exercise the powers delegated to the Managing Director. The board has also appointed a Business Council consisting of two independent board members to advise the CEO.
The company asserted that the business “would continue as usual and would not be impaired in any way”.
The Central Bureau of Investigation (CBI) had on Tuesday arrested Mr Kishore, along with an Additional Commissioner of Income-Tax Mr Andasu Ravindar in connection with payment of bribe to conceal a taxable income of Rs 60 crore out of Rs 116 crore unearthed during a search and survey operation in Everonn's premises on August 4.
In a communication to the stock exchanges, Everonn said that it will extend all cooperation to all concerned to “clearly demonstrate its commitment and adherence to principled corporate governance”. The board expressed its confidence in the management and the business and in its ability to “steer the company forward successfully”.
The board accepted Dr Jamshed J. Irani's resignation as Chairman of the company while appreciating his services and guidance.
On the BSE, Everonn sank 20 per cent or by Rs 87.85 to be frozen at Rs 351.45 compared to the previous close of Rs 428 with about 16,000 shares being traded and about 4.11 lakh shares offered for sale without any buyers.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.