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| Exchange Disseminated Time | Essel Propack Ltd has informed BSE that the Company is in receipt of letter dated December 23, 2014 from Dr. Subhash Chandra ("Promoter defined under ICDR Regulation") intimating the Company that in terms of the modified family arrangement between him and his brothers viz. Mr. Laxmi Narain Goel, Mr. Jawahar Goel and Mr. Ashok Goel, Dr. 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.
In view of the above, Dr. Subhash Chandra, his immediate family members and the entities controlled by him/them together holding 3.54% of the Company's Share Capital will no longer form part of the Promoter/Promoter group of the Company with immediate effect.
Consequently, directorship in the Company of Dr. 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. |
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