Kakkar ceases to be MD of Thomas Cook

Ashwini Kakkar has ceased to be the managing director and CEO and a director of  Thomas Cook (India).

According to a release issued by the company to the BSE today, the board of directors has been re-constituted in accordance with Regulation 22(7) of the Takeover Code and a certificate from HSBC Securities and Capital Markets (India) (the manager of the open offer) stating that 100% of the offer consideration payable to the public shareholders had been deposited in an escrow account.

"Chairman Thomas Doering, Heinz-Ludger Heuberg, Juergen Bueser, Roland Zeh, Ian Ailles have resigned as directors of the company. Udayan Bose, Jacqueline Gorski, Sayanta Basu, Dilip De, Abdul Hakeem Kamkar and A V Rajwade have been appointed as additional directors to hold office until the next AGM," the release added.

The reconstitution of the board is in terms of the share purchase agreement, dated December 21, 2005, between Thomas Cook Aktiengesellschaft, Dubai Financial (LLC) and TCIM. Dubai Financial will acquire 100% shareholding of TCIM and shall therefore indirectly control 60% of the total paid-up capital of Thomas Cook India. An open offer made by Dubai Financial is currently in progress, the release said.