Everonn to initiate legal proceedings against former directors

In 2011, the CBI had arrested Kishore, founder and managing director of Everonn in a bribery case.

Jun 15, 2015 09:06 IST India Infoline News Service

Everonn Education Ltd on Friday announced its intention to initiate legal proceedings against individuals involved in alleged accounting fraud.

Everonn Education Ltd has decided to initiate legal proceedings against P Kishore (former Managing Director) and Nikhil Gandhi (former Director of the Company and promoter of SKIL Infrastructure Ltd, a company forming part of the promoter Group of Everonn Education Limited) and various other individuals and entities on account of the fraudulent transactions/ activities undertaken by them or at their behest against the Company.

In 2011, the CBI had arrested Kishore, founder and managing director of Everonn in a bribery case. Kishore had allegedly tried to suppress Rs 60 crore of taxable income and paid Rs 50 lakh as kickback to Adasu Ravindra, additional commissioner, income tax, who was also apprehended by the agency.

As of March 31, 2015, the promoter group of Everonn included Varkey Group Ltd (10.89 per cent), Gem Education Asia (18.68 per cent), The Concorde Residential Schools – Kerala (13.62 per cent), SKIL (13.69 per cent), Sunny Varkey (2.6 per cent) and Sherly Varkey (2.40 per cent).

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