Skil Infra's Nikhil Gandhi to step down from Everonn's Board

SKIL Infrastructure Limited (SKIL's) Promoter Nikhil P Gandhi to step down from the Board of Everonn Education Ltd. In an announcement to BSE today Everonn said that Nikhil Gandhi has expressed his inability to continue as a Director of the Company on account of his preoccupations. SKIL will nominate a Director in place of Nikhil Gandhi shortly.

In December 2010, SKIL Infrastructure Ltd has picked up a nearly 21% stake in Everonn Education for over Rs 208 crore. According to recent BSE data, the company as on September 2012, had 18.29% in the company.

It may be noted, in September 2011, Everonn's Board has approved a preferential allotment of 12% stake to World’s largest K-12 education company Varkey group’s Gems Education, based in Dubai, for Rs 138.23 crore. Later through open offer the Group has increased its stake and now it is the Promoter of the company, which was originally founded by P Kishore.

In September 2011, the Board approved a tripartite MoU among the Company, Varkey Group Ltd 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.