Everonn needs you, Dr Irani

Recently, Everonn Education Limited’s founder and managing director Padmanabhan Kishore was arrested while bribing an income tax officer. It has been widely reported that the bribe being paid was an attempt to suppress the company’s taxable income. With its founder behind bars, the company’s share went into free fall, loosing 30% of its value in three trading sessions. Its shareholders were down R200 crore-plus. Adding to investors woes, within three days of its CEO being arrested, Dr JJ Irani, its chairman, resigned, leading to further erosion in confidence.

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