Scam-tainted Everonn rejigs top deck, but finds no buyers

Education services provider Everonn Education continued its downslide on the bourses as the stock hit the lower circuit limit on the Bombay Stock Exchange and National Stock Exchange for the third consecutive session today.

Meanwhile, SKIL Infrastructure’s group chairman and Everonn Promoter Nikhil Gandhi is likely to take over as chairman of Everonn , reports CNBC-TV18 quoting sources. JJ Irani, who was at the helm at the company affairs, had resigned from the board on Friday.

Firstpost had earlier reported that Everonn managing director P Kishore was arrested for allegedly giving a Rs 50 lakh 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.

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Business Standard, citing a company source said today that Gandhi’s appointment has been confirmed and P Kishore " May be asked to step down and distance himself from the company."

In December last year, SKIL Infrastructure bought a 21 percent stake in Everonn for Rs 208 crore. CNBC TV 18, citing sources, also said that shareholders are concerned over Kishore’s 8.52 percent stake in Everonn and are discussing various options to protect their interests.

The stock has been under pressure since 2 September, when the company had said its managing director P Kishore has been taken into judicial custody.In the last three trading sessions, the stock has lost a whopping 43.09 percent of its value and is currently trading at Rs 253.10 on the BSE and Rs 252.50 on the NSE.

The company had also disclosed the resignation of chairman Jamshed J Irani from its board of directors on 2 September, but maintained that its business would continue as usual and would not be impaired in any way.