Jeh Wadia made Bombay Dyeing MD; Ness to step aside
30 March 2011
In a reshuffle of the top management at Bombay Dyeing & Manufacturing Co, the textile and real estate company has appointed Jehangir N (Jeh) Wadia, younger son of promoter Nusli Wadia, as managing director with effect from 1 April.
In a related development, Ness N Wadia, elder son of Nusli Wadia, widely expected to inheritthe mantle from Nusli Wadia, will step down as the joint managing director of Bombay Dyeing with effect from the closing of business hours on 31 March. Ness Wadia was appointed to this position in August 2001.
After a board meeting on Tuesday, the company informed the Bombay Stock Exchange that the board had appointed Ness N Wadia as an additional director of Bombay Dyeing.
Ness Wadia has also been appointed as the managing director of the Bombay Burmah Corporation with effect from 1 April, while Jeh Wadia will step down as the deputy managing director of the corporation.
When contacted, Ness Wadia said the reshuffle is a part of a "routine rotation within the group companies."
Ashok Panjwani will also continue to be a joint managing director in the corporation, while Durgesh Mehta will continue to be joint managing director in Bombay Dyeing.