Percept’s Shailendra Singh steps down from Joint MD to passive shareholder
Percept’s Managing Director and Chairman Harindra Singh and Joint Managing Director Shailendra Singh have reached upon a settlement today basis which Shailendra Singh has stepped down from his management role to become a passive shareholder in the company.
Percept Limited, the company behind India’s iconic music festival, Sunburn, constructs tailor-made content, assets and solutions. It was founded in 1984 by Harindra Singh, its current Chairman and MD. Shortly after his real brother Shailendra came on board as a Joint MD. Today Percept boasts of a team of over 700 people and 42 offices in India and the Middle East with capitalized billings recorded at INR 17.26 billion last year.
In a statement to EE, Harindra Singh quoted today, “By the grace of God and with the assistance of family elders and members, Shailendra and I have executed a family settlement and arrangement in relation to the business of the Percept Group Companies and the properties. While Shailendra will continue as a passive shareholder in Percept, he will not be involved in the management of the Percept Group and I will hereafter exclusively manage the operations. We wish Shailendra all the success in his new endeavours.”
It is uncertain whether Shaildendra Singh will continue to remain in the board of Directors which comprises of five other individuals including Chairman Harindra Singh; COO Ajay Upadhyay and three directors Ajay Chandwani, RK Chaturvedi and Rubeen Malkani. However it is made clear that all operations will now be undertaken independently by Harindra Singh.
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