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Subhash Chandra ceases to be promoter of Essel Propack

MUMBAI: Essel Group chairman Subhash Chandra is no longer a promoter of Essel Propack, the tube-packing company.

In a new family arrangement with his brothers, Essel Group chairman Subhash Chandra has announced that he, his immediate family members and entities controlled by them will not be part of the promoter group of Essel Propack.

Subhash Chandra

Subhash Chandra

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

Chandra, who will continue to remain chairman of the board, holds 3.54 per cent in Essel Propack along with his immediate family members and the entities controlled by them.

“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,” it said in the filing.

“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,” it added.

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