WCL ownership settled

MUMBAI, DECEMBER 29: The Walchand group family members have reached the closure of a settlement under which Pallavi Jha has taken over as chairperson and managing director of Walchand Capital Ltd WCL. The other family members on the board 8211; Ajit Gulabchand Hindustan Construction Company, Rajas Doshi Indian Hume Pipe Company and Harshavardhan Doshi Ravalgaon Sugar 8211; have resigned, as per the settlement, WCL said in a statement here today.

Jha subsequently reconstituted the board and announced plans to enter the emerging area of electronics-commerce. The new directors inducted on WCL board are M N Bhagwar, currently advisor to Tata Sons, Dr S C Jha, former chief economist and director at Asian Development Bank and Sanjay Jha, who has had stints with ITC Threadneedle, Alliance Capital, Bank of America and ANZ Grindlays Bank.