Everonn Education appoints A Srinivasan as MD

Rakesh Sharma resigns as MD of Everonn

Everonn Education Ltd has appointed A Srinivasan as managing director of the company with effect from April 3, 2013. He is replacing Rakesh Sharma, who resigned as managing director and director of the company and relieved from April 3, 2013.

Srinivasan, who has a BSc in statistics and a Masters in Management Studies with specialisation in Finance and has an experience of aorund 30 years in Pharma, Fast Moving Consumer Goods, Banking and Finance sector, according to a company announcement to the Bombay Stock Exchange (BSE), today.

It may be noted that Sharma has been working closely with the company after majority of its stake was bought by Dubai-based Varkey Group. The company has announced appointment of Rakesh Sharma, director of the company representing Dubai-based Varkey Group Ltd, as Managing Director of the company in October, 2012.

This was after the Varkey Group, also known as GEMS Education, with around 43% stake in the company, took over the management of Everonn Education Ltd earlier in 2012. The company was founded by P Kishore, who stepped down from the company as managing director and promoter after he was arrested on alleged bribing case in August, 2011.

The Board also appointed R Natarajan as independent non executive director with effect from April 3, 2013.

Along with Sharma, Sandeep Maniyar, alternate director to Sharma has also vacated the office. Kodumudi Makudapathi Marimuthu, independent director, who is aged at 84, has coveyed his inability to continue in the Board on account of his old age and poor health,the company informed Bombay Stock Exchange today.

It may be noted that the other board changes from 2011 included the resignation of Kishore from the post of managing director and later from the management, Susha John, who was the CEO fo the company, among others.

Following the arrest of Kishore, JJ Irani, former Managing Director of Tata Steel Ltd resigned from the board, in September 2011. In December, 2011, SKIL Infrastructure Limited (SKIL's) Promoter Nikhil P Gandhi to step down from the Board of Everonn Education Ltd. According to the information available with the BSE, SKIL holds around 18.29% of the total share in the company as on December 31, 2012.