Mumbai: Essel Propack Ltd on Monday said Subhash Chandra, his immediate family members and the entities controlled by him and his immediate family members have ceased to be part of the promoter group of the company as part of a modified family arrangement.

Essel Propack, part of the Essel Group, said in a filing to BSE that the company has received a letter dated 23 December from promoter Chandra intimating the terms of the modified family arrangement between him and his brothers Laxmi Narain Goel, Jawahar Goel and Ashok Goel.

“Subhash Chandra and his immediate family members and the entities controlled by him and his immediate family members have ceased to be part of the promoter/promoter group of the company with immediate effect and shall not act in concert with other promoters of the company," Essel Propack informed BSE.

“Consequently, directorship in the company of Subhash Chandra will be considered as non-promoter non executive director. He will still continue to be the chairman on the board of directors of the company," Essel Propack said.

Chandra, his immediate family members and the entities controlled by them together hold 3.54% of Essel Propack’s share capital.

Essel Propack is one of the largest specialty packaging global companies, manufacturing laminated plastic tubes catering to the packaged consumer goods and pharmaceutical space.

The company has a market share of 33% by volume in oral care, globally. It is the world’s largest manufacturer with units operating across countries such as the US, Mexico, Colombia, Poland, Germany, Egypt, Russia, China, the Philippines, Indonesia and India, according to the company’s website.

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