MCFL appoints Arun Duggal as new Chairman

In a major reshuffle, fertiliser firm MCFL today appointed Arun Duggal as its Chairman, a post that fell vacant after Vijay Mallya resigned amid a bitter takeover battle for the company last year.
The company also said that N Suresh Krishnan will be the new Managing Director effective January 1.
Mallya had stepped down from MCFL's board in December and days after his resignation his step mother was appointed as a Director on the company's board.
Ritu Mallya will continue to hold her position as Director, the company's regulatory filing said today.
Its board of directors today approved "Arun Duggal, Independent Director as Chairman of the board of Directors during his tenure as Director," the filing added.

Duggal is also the Non-Executive Chairman and an Independent Director of ICRA. He is also on the board ITC, Jubilant Energy, Netherlands (Chairman Audit Committee) and Dish TV.

The board also approved the resignation of current Managing Director Deepak Anand effective December 31.
Anand will be replaced by Krishnan, who is also currently the MD of Zuari Global.
Krishnan, is a chemical engineer by qualification has been working with Zuari group since 1986.
"Looking forward to integrate the operations of both MCFL and Zuari and at the same time will try improve the efficiency and market share of the company," Krishnan told PTI.

In May, Saroj Poddar-led Zuari Group had acquired an additional 36.56 per cent stake in Mangalore Chemicals and Fertilizers Ltd (MCFL) and become a majority shareholder in the firm with 53.03 per cent stake.
After acquiring a controlling stake in the MCFL, Zuari group has got representation on its board also, and Akshay Poddar, Kapil Mehan and N Suresh Krishna were appointed as directors.
Zuari was competing with Deepak Fertilisers for taking control of MCFL since July 2013, but the latter withdrew from the race and has been selling shares of MCFL via open market since December 2014.
Zuari group alongwith UB group had successfully staved off a takeover bid by rival Deepak Fertilisers. UB group currently holds nearly 22 per cent stake in MCFL.

As per the shareholding pattern on BSE, both Zuari group and UB group are on the list of promoters. Together, they have 75 per cent stake in MCFL.
MCFL has a plant near Mangalore port with an annual capacity to produce about four lakh tonnes of urea and about three lakh tonnes of phosphatic fertilisers. Zuari has a fertiliser plant in Goa.