Ex-Manipal CEO to be advisor for Everonn

Anand Sudarshan, former chief executive of Manipal Global Education Services (MaGE) will help Dubai based $2.5 billion-Varkey Group to draw a future plan for Everonn Education Ltd. According to sources, Sudarshan is likely to be an external advisor for the Group, which took management control of Everonn.

He was also presented at Everonn's Annual General Meeting which was held at Chennai today. He refused to comment when Business Standard approached him with questions regarding this development.

Sudarshan played a key role in expanding Manipal's educational services in the India and overseas. He continues as vice-chairman and director at the Manipal board.

Sudarshan, who was the chief executive of Manipal University for six years was responsible for one of the biggest cross-border deals in the education space, when Manipal acquired the entire shareholding of American University of Antigua (AUA) from New York-based Greater Caribbean Learning Resources.

The other major acquisition in which he was instrumental was Manipal's acquisition of U21 Global, an online varsity, MeritTrac, a skills assessment and testing firm and a stake in TutorVista, an online education services company.

Sudharshan is an alumnui of NIT Trichy and IIM-Calcutta and he was president of Adea International, a wholly owned subsidiary of Texas-based Adea Solutions.

Meanwhile, speaking to reporters after the annual general meeting, Rakesh Sharma, director of Everonn Education Ltd and chief executive officer - South Asia, Gems Education, said, "We are working with some external advisors and we expect the plans to be in place by December 2012."

It is to be noted that the Dubai-based education group, Gems Education or Varkey Group, took over the board of Everonn last year by acquiring a major share in the company.

Board room change

In February, P Kishore resigned as managing director of Everonn Education after the Varkey Group and its associate company, Gem Education, decided to acquire majority stake in Everonn, with the help of Nikhil Gandhi. The event happened in the month of August 2011, when Kishore was arrested by the CBI in an alleged bribing case of an Income Tax official.

Gems Education acquired 12% in Everonn through a preferential allotment for a consideration of Rs 138 crore and later came out with an open offer in December 2011.

The Group came as a strategic investor and acquired the management control. NRI entrepreneur Sunny Varkey is the Founder and Chairman of the group. Dino Varkey and Rakesh Sharma, accomplished senior executives from GEMS Education, have joined Everonn Board and will spearhead and accelerate Everonn's growth.

Following these developments, Jamshed J Irani, Chairman, Kishore, founder and MD and R Sankaran, Independent Director of the Company have resigned from the Board. Company's company secretary S Vijayanand and Chief Financial Officer R Kothandaraman also stepped down from the Company and they were replaced by N P Mathi Lingan and Ramesh Chandra Gunit Reddy respectively.