As part of restructuring plan, Zylog Systems, Chennai-based IT services provider, has roped in Kumar Ganesan as the new CEO for North American operations. Ganesan was heading 3i Infotech's $300 million business as President - Americas, Europe & Global IT Services.
The company is looking at raising around Rs 100 crore.
Zylog’s Managing Director and Chief Operating Officer Ramanujam Sesharathnam said, "Along with Ganesan, S Venkatesh who is from GE, will join as group CFO, Subramaniam as Human Resources Head and E S Kannan as Head Operations." Sesharathnam was speaking on Madras High Court premises as he appeared in a hearing related to his company.
"My first step, part of restructuring is bringing professionals into the company, meeting statutory compliances and address investors related matters," he said, adding that the company is also planning to appoint a professional firm to take forensic audit.
The company which is sitting on a debt of close to Rs 1,000 crore said it would raise around Rs 80-100 crore, from existing and new investors. "Will raise through debentures and later that can be converted as equity," said Sesharatnam.
According to him, there are eight HNIs in the company, who are collectively holding 30%. These investors have recommended two new directors -- Ramarathnam and Srikanth Gopalratnam -- to the Board.
On the business front, he said, once the professional team takes over and operational efficiency improves, company hopes to achieve 20-25%. The public listed IT firm Zylog Systems Ltd was taken charge by the Official Liquidator the Provisional Liquidator on July 3, 2014.
Company's shareholders recently voted for the removal of Sudarshan Venkatraman as Director, Chairman and CEO.
