Bhatia replaces A.Vellayan, who has been charged along with three others with insider trading by Sebi
Chennai, May 30, 2015 : Anand Narain Bhatia, an independent director at EID Parry India Ltd, is the new chairman of the company. He replaces A.Vellayan, who has been charged along with three others with insider trading by the Securities Exchange Board of India (Sebi), the country’s capital markets regulator.
On 22 May, Vellayan stepped down from the post of chairman of all Murugappa Group companies. EID Parry is part of the Murugappa Group.
The Chennai-based company informed BSE of Bhatia’s election as the new chairman of the company’s board of directors.
Last week, the regulator had charged Vellayan with passing on unpublished price-sensitive information on the acquisition of Sabero Gujarat Ltd by group company Coromandel International to some individuals who traded in the shares of Sabero on the basis on the basis of that information.
Business LineÂ
