In an interesting development, Jehangir N Wadia, younger son of industrialist Nusli Wadia, has been appointed managing director of textile and real estate firm Bombay Dyeing & Manufacturing Company with effect from April.
In a related development, Ness N Wadia, elder son of Nusli Wadia will step down as the joint managing director of Bombay Dyeing, with effect from closing of the business hours of March 31, 2011. Ness Wadia was appointed to this position in August 2001.
After a board meeting on Tuesday, the company informed the BSE that the board had appointed Ness N. Wadia as an additional director of BombayDyeing.
Ness N. Wadia has been appointed as the managing director of the Bombay Burmah Corporation with effect from April 01. While Jeh N. Wadia has stepped down as the deputy managing director of the Corporation with effect from closing of the business hours of March 31.
The move has provoked speculation that something might be amiss within the group because it was widely believed that the 41-year old Ness would inherit his father?s mantle as the head of the Bombay Dyeing Group.
As such, the fact that his younger brother will head the flagship company, comes as a surpirise.
Jehangir also known as Jeh Wadia, has been running the low cost carrier Go Air as its managing director. So far, Ness Wadia, who joined Bombay Dyeing as a management as a trainee, has been an important part of the business.