Eveready Industries Appoints Suvamoy Saha As Managing Director

Eveready Industries India Ltd.'s board has approved the appointment of Suvamoy Saha as the managing director of the company for three years.

Saha, earlier a joint managing director at the company, was asked to take on the responsibilities after former MD Amritanshu Khaitan resigned on March 3 along with former Chairman Aditya Khaitan. Their resignations came after the Burman family's open offer to take control of India's largest dry cell battery maker.

The Burman family, which controls Dabur India Ltd., announced an open offer on Feb. 28 for an additional 26% holding of the company for Rs 604.7 crore. The offer came a year-and-a-half after the Burmans became the largest shareholder in the Brij Mohan Khaitan family-controlled battery maker. The Dabur promoters own 19.85%.

JM Financial, which is running the deal for the Burmans, in an exchange filing said that the company had acquired a 5.26% stake in Eveready Industries and therefore, had to make an open offer for an additional 26% of the voting rights at Rs 320 apiece.