Fame board reconstituted as Inox takes management control

MUMBAI: Inox Leisure has reconstituted the board of directors of Fame following its acquisition of the multiplex chain.

Pavan Jain has been appointed as chairman while Deepak Asher will continue as director on the Fame Board as an Inox nominee. Also, Kishore Biyani and Amit Jatia will continue as independent directors.

Shyam Shroff and Shravan Shroff, the erstwhile promoter nominees, along with two independent Salim Govani and Susan Thomas, have resigned and will, accordingly, no longer be on the board of Fame.

Says Deepak Asher, “We are delighted to have taken over control over the board of Fame. We believe the revised Fame Board composition reflects eminent persons with entrepreneurship, expertise, experience and integrity, to provide Fame with stewardship and guidance, in the best interests of enhancing long term value creation for its stake-holders and upholding the highest standards of corporate governance.”

Inox holds 50.3 per cent of Fame India. The company had acquired 43.1 per cent stake from the Shroff family promoting group for Rs Rs 664.8 million. Later it acquired an additional 7.2 per cent through a block deal, executed at BSE, following which it made an open offer.

Anil Ambani-led RMW had countered Inox‘s pricing with an open offer for acquisition of 21.7 million Fame India shares, representing 53.38 per cent stake, at Rs 83 per share.

Inox said that as per the "provisions of Companies Act, 1956, Fame India has now become a subsidiary of Inox Leisure.”

Inox currently has 38 operational properties, with 144 screens and a seating capacity of 40,140 in 25 cities across India.

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