Scam-tainted Everonn's MD P Kishore resigns

Kishore was arrested for bribery and tax evasion charges on 30 August, 2011, causing investors to dump its stock instantly. Even the company chairman J J Irani resigned over the scandal.

FP Archives|Dec 20, 2014, 06:30:57 IST

Chennai: Education services company Everonn today said the board has accepted the resignation of its Managing Director P Kishore, who was arrested last year for bribery and tax evasion charges.

The city-based company, in a filing to the BSE, said, "the Board of Directors at its meeting considered and approved the resignation of P Kishore as Managing Director and Director from the Board".

[caption id="attachment_212919" align="alignleft" width="380" caption="Everonn has reported a net loss of Rs 6.54 crore for the third quarter ending December 31, 2011"][/caption]

Kishore was arrested on 30 August 2011, for allegedly giving Rs 50 lakh as bribe to Income Tax commissioner Andasu Ravindar to conceal Rs 60 crore of taxable income out of Rs 116 crore detected by CBI officials. Besides Kishore, the CBI had arrested Ravindar and another person.

After the arrest of Kishore, the company's Non-Executive Chairman Jamshed J Irani resigned from the post and elevated its whole-time Director Susha John as the Chief Executive Officer.

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