"Yes, the demerger has happened. The infra projects business (comprising the real estate and construction verticals) will be taken care of by my brother J C Mansukhani," Chairman Rameshchandra Mansukhani said. "The family settlement entered into with J C Mansukhani has put an end to the disputes and misunderstandings. As part of the agreement, the flagship's pipes business will continue to remain under me," he said.
Jagdish C Mansukhani, the younger sibling, is a director of the company and reportedly owns 28 per cent in it, while elder brother R C Mansukhani is the chairman with a 35 per cent holding. The board, which met on Sunday, also approved the arrangement of the demerger.
Man Infraprojects, to be headed by J C, will also be listed and the board also approved a shares allocation formula, arrived at with help from consultancy firm KPMG. The board agreed upon a 1:1 ratio of allocation, under which a shareholder will get one share in Man Infraprojects for every share held in Man Industries, the company said. The company said J C had resigned as director of Man Industries, while R C and his son, Nikhil, had resigned from Man Infraprojects.