Everonn to initiate legal proceedings against SKIL Infra promoter

SKIL Infra holds 13.96% in the company

Everonn Education Ltd is planning to initiate legal proceedings against P Kishore, former managing director and Nikhil Gandhi, former director of the company and promoter of SKIL Infrastructure, a company forming part of the promoter Group of Everonn Education Limited. The company alleged that both the individuals, others and entities have involved in fraudulent transactions/ activities or at their behest against the Company.

It may be noted in 2012, Gandhi had step down from the Board of Everonn Education and stated that it was on account of his preoccupations. SKIL Infrastructure currently holds 13.96 per cent in the company.

While Gandhi did not respond to calls made, a senior official from SKIL Infrastructure said the company has invested Rs 215 crore in Everonn. It pressed for information from current management as it is badly mismanaged and has lost almost four CEOs and CFOs, its share prices reduced from Rs  525 to only Rs 25. Instead of giving information and taking help from highly experienced SKIL Group to turn around the company, fulfilling their legal obligations, they have started baseless and mindless allegations, the official said.

A company's announcement to BSE stated that “Everonn Education decided to initiate legal proceedings against P Kishore (former managing director), Nikhil Gandhi (former director of the company and promoter of SKIL Infrastructure Ltd, a company forming part of the promoter Group of Everonn Education Limited) and various other individuals and entities on account of the fraudulent transactions/ activities undertaken by them or at their behest against the company.”

In December 2010, SKIL Infrastructure has picked up stake in Everonn Education for over Rs 208 crore. Later, in 2011, Dubai-based World’s leading K-12 education company Varkey group’s Gems Education, based in Dubai, for Rs 138.23 crore. Through open offer the group has increased its stake and it is the promoter of the company, which was originally founded by Kishore.

In September 2011, the Board approved a tripartite MoU among the company, Varkey Group and Nikhil Gandhi-owned SKIL Infrastructure Ltd (Confirming Party) to this effect. SKIL being a co-promoter of Everonn, has become party to the MoU.

Total promoters shareholding currently is 62.15 per cent, of which 13.96 per cent is held by SKIL Infrastructure rest of the holding by Varkey Group Ltd, Gem Education Asia Ltd, The Concorde Residential Schools (Kerala) Pvt Ltd, which are part of Varkey Group and Sunny Varkey, Sherly Varkey.

In 2012, Kishore resigned as managing director of Everonn Education Ltd. His resignation was at a time when the then $2.5 billion Dubai-based Varkey Group and its associate company completed acquisition of majority stake in Everonn.