McLeod Russel rejigs board amidst potential insolvency proceedings

Pradip Bhar, a cost accountant by profession, who was associated with WMG for over 31 years, has taken charge as the firm's new CFO

McLeod Russel has rejigged its board and top management as it faces a financial crisis that could force the company into insolvency proceedings. The Williamson Magor Group (WMG) company has roped in two new independent directors and appointed a new chief financial officer, besides other changes.

Rajeev Takru, a wholetime director who is due to retire by rotation, has said he doesn't want to be relected to the boad but wished to continue his engagement with the company in an advisory role.

The rejig follows after Techno Electric & Engineering Co, a financial creditor, dragged WMG to the Kolkata bench