Chennai: Everonn Education Ltd on Friday said its non-executive chairman Jamshed J. Irani has resigned and it has elevated whole-time director Susha John as chief executive officer (CEO) in the wake of arrest of its managing director P. Kishore by Central Bureau of Investigation (CBI) in a bribery case.
A meeting of the board of directors held on Thursday to review the “extraordinary” situation arising out of Kishore’s arrest on Tuesday accepted the resignation of Irani and appointed John as CEO to exercise the powers delegated to the managing director, a company statement here said.
The board also appointed “A business council of two independent board members to advise the CEO”, it said.
Breaking its silence over the arrest of Kishore, the company said it would extend “All cooperation to all concerned as necessary to clearly demonstrate its commitment and adherence to principled corporate governance”.
The company “reiterates” that business would continue as usual and would not be impaired in any way. The board has unanimously expressed its confidence in the management and the business, the statement added.
Kishore was arrested for allegedly giving Rs 50 lakh as bribe to Income Tax commissioner Andasu Ravindar to conceal Rs 60 crore of taxable income out of Rs 116 crore detected by CBI officials recently. Besides Kishore, the CBI had arrested Ravindar and another person.