Eveready Industries board reshuffle: Burmans and Sunil Alagh join

The board of the country’s largest dry cell battery maker, Eveready Industries India, has been reconstituted with Burman family members and nominees being appointed to it.

In a filing with the stock exchanges, the company informed that the board had approved the appointment of Anand Chand Burman, Mohit Burman and Arjun Lamba as non-executive directors (additional directors) with effect from July 12, 2022. 

In addition, Sunil Alagh, has been appointed as an independent director (additional director) of the company for a period of five years. The resolutions of the board of directors were passed by circulation and are subject to the approval of shareholders.

The board-level changes follow the completion of the open offer for acquisition of shares and control of Eveready by the Burman Group.

In February, when the Burman Group announced its intent of launching an open offer for Eveready, it had requested adequate representation on the board through appointing three non-executive directors at a time permitted by the Takeover Regulations of the Securities and Exchange Board of India (Sebi).

The Burmans would be appointing the chairman of the company – a post that fell vacant after Aditya Khaitan, younger son of late Brij Mohan Khaitan, stepped down as non-executive chairman, following the announcement of the open offer by the Burman Group earlier this year.

Sources indicated that appointment of chairman was likely at the next board meeting.

The Burmans had been the largest shareholder in Eveready since July 2020 but had not sought a board seat. It’s only after completion of the open offer – which has taken its holding in the company to 38.3 per cent – that they are on-boarding.

Burman family members – Anand Burman and Mohit Burman – have been in key roles in Dabur India.

Anand Burman is a member of the fifth generation of Dabur group’s founder family and took charge as the chairman of Dabur India in 2007. He stepped down as the Chairman of Dabur India in 2019. Other than the Dabur Group companies, he is also on the board of Aviva Life Insurance, Ester Industries Limited. Mohit Burman is the vice chairman of Dabur India.

Lamba is founder director of Guardian Advisors Private Limited, a Portfolio Management Company and is understood to have helped the Burman Group in various independent ventures and investments.