Markets: Eerie calm

Markets: Eerie calm

it is not clear when market sentiment can change; as in the past, it can be quite sudden.
At a turn and yet not

At a turn and yet not

RBI could be tempted to cut policy rate to support growth at its bi-monthly review.

Wave Group appoints Ponty Chadha's brother Rajinder Chadha as CMD

Dec 05 2012, 20:18 IST
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Gurdeep Singh (Ponty) Chadha (Reuters) Gurdeep Singh (Ponty) Chadha (Reuters)
SummaryPonty's son Manpreet Singh Chadha has been appointed as the Vice Chairman of the group.

Wave Group today said it has appointed Rajinder Singh Chadha, brother of slain liquor baron Gurdeep Singh (Ponty) Chadha, as its Chairman and Managing Director.

Ponty's son Manpreet Singh Chadha has been appointed as the Vice Chairman of the group.

"Wave Group announces the appointment of Rajinder Singh Chadha as its Chairman and Managing Director and Manpreet Singh Chadha as the Vice Chairman of the group with effect from December 1, 2012," the company said in a statement.

Ponty and his brother Hardeep, who had an ongoing property dispute, were killed in a shootout at their Chattarpur farmhouse on November 17.

The police has arrested 10 people, including the then Uttarakhand minority commission Chairman S S Namdhari and his PSO Sachin Tyagi.

"The appointed management will spearhead the overall growth and expansion of Wave Group across its vast portfolio of sugar manufacturing, distilleries, paper manufacturing, real estate, multiplexes, education and retail management," the company said.

Mainly responsible for the group's back office, finance and accounting, Rajinder currently is administering the sugar manufacturing, entertainment, paper and other businesses.

"The group shall endeavour to follow the principles laid by him (Ponty) and today, we take this opportunity to tell our stakeholders that the company still stands strong in its future endeavours," Rajinder said.

Manpreet had joined his father in the business at the age of 19 years and has been leading the operations and launches of Wave group's retail and entertainment businesses – Centrestage Mall, Westend Mall, Wave Cinemas and Wave Infratech, comprising commercial & residential real estate.

"We would like to maintain that the progress of all our projects is on schedule and state the fact that together we stand committed in re-assuring all our customers, channel partners and stakeholders, ensuing prompt and timely delivery of all our projects," he said.

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