Subhash Chandra and immediate family cease to be promoters of Essel Propack
The Essel Propack Ltd on Monday said Subhash Chandra, his immediate family members and the entities controlled by him hav ceased to be a part of the promoter group of the company as a part of the modified family arrangement.
Essel Propack which is a part of the Essel group said in a filing to the BSE that the company has received a letter dated 23rd December from their promoter Chandra intimating the terms of the modified family arrangement between him and his brother Laxmi Narain Goel, Jawahar Goel and Ashok Goel.
The filing said, "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 also mentioned that, "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."
According to reports, Chandra, his immediate family members and the entities controlled by them together hold 3.54% of Essel Propack’s share capital.
Essel Propack is one of the largest specialty packaging global companies, manufacturing laminated plastic tubes catering to the packaged consumer goods and pharmaceutical space.
The company has a market share of 33% by volume in oral care, globally. It is also the world’s largest manufacturer with units operating across countries such as the US, Mexico, Colombia, Poland, Germany, Egypt, Russia, China, the Philippines, Indonesia and India, according to the company’s website.