Anil Singhvi is new MD of Guj Ambuja

Narotam S Sekhsaria today resigned as the managing director Gujarat Ambuja Cements.

According to a release issued by Gujarat Ambuja to the BSE today, the board of directors, which met today, appointed Sekhsaria as vice-chairman of the board and non-executive director.

"Anil Singhvi, whole-time director, was appointed managing director for a period of five years on the same terms and conditions applicable to Sekhsaria, subject to approval by the shareholders," the release added.

The company has been informed by Holderind Investments, Mauritius (an indirectly held wholly-owned subsidiary of Holcim, Switzerland) that it has, on January 28, 2006, acquired 20 crores equity shares, constituting approximately 14.8% from the existing promoters at Rs 105 per share (which includes a non-compete fee of Rs 15 per share), the release said.

"Post the sale to Holcim, certain existing promoters of the company (Radhav Madhav Investments (RMIL), RKBK Fiscal Services (RKBK) and Narotam Sekhsaria) continue to hold 11.94 crore shares constituting 8.8% of the total equity share capital of the company.

"The company was also informed that Holcim has entered into a shareholders agreement with RMIL, RKBK and Narotam Sekhsaria, which becomes effective upon the closure of an open offer made by Holcim to acquire up to 27,43,20,222 equity shares, constituting up to 20% of the paid up equity capital of the company. The board has cleared a proposal for the issuance of a no-objection certificate in relation to the acquisition of shares via the open offer," the release added.

Vinod Kumar Neotia (non-executive director), Harshvardhan Neotia (non-executive director) and Pulkit Sekhsaria (whole-time director) have resigned as directors, the release added.