Gulu Mirchandani transfers stake to sons

Gulu Mirchandani transfers stake to sons

New Delhi: Mirc Electronics Ltd’s chairman and managing director Gulu Mirchandani has transferred 17.5 % equity in the firm to his sons Kaval G. Mirchandani and Sasha G. Mirchandani.

After the transfer, Kaval Mirchandani’s shareholding in the company, which is known for the popular Onida brand of electronic products, will go up to 8.81 % compared with 0.03 % ealier. Sasha Mirchandani’s shareholding would stand at 8.79%.

The mode of proposed acquisitions is by way of Inter se transfer. The date of proposed acquisition is 30 November, 2009 or any date thereafter, the company informed stock exchanges.

Kaval Mirchandani heads the LCD TV division in Mirc Electronic, while Sasha is the managing director of a private equity firm.

Gulu Mirchandani held about 35.85% in Mirc Electronics. He bought out his brother Sonu Mirchandani’s stake last year and gained further control over the company.