The Williamson Magor group is seeing the passing of the baton from Brij Mohan Khaitan, 92, to his younger son, Aditya Khaitan. Khaitan resigned from as chairman of Eveready due to his old age, the company informed the BSE on Monday. McLeod Russel suffered a similar rating downgrade a month back with Icra putting it under negative outlook. During fiscals 2018 and 2019, Eveready extended ICDs of around Rs 134 crore and Rs 76 crore, respectively, to its group companies, and advances amounting to Rs 75-80 crore were outstanding. Poor profitability coupled with exposure to group entities has kept Mcleod, country's largest tea plantation, under stress though it has been selling off its prized gardens occasionally to raise money.

Source: dna April 30, 2019 00:00 UTC