New Promoters Move To Pack Essar Oil Board, Management With Own Representative

On the 12-member board, Rosneft would have four nominee directors and UCP two, including Fountain. Trafigura would have two nominee directors (CEO is not part of the board).

New Promoters Move To Pack Essar Oil Board, Management With Own Representative

On a day Essar Oil’s ownership changed hands following conclusion of $12.9 billion stake sale, new promoters Rosneft and consortium Trafigura-UCP consortium moved fast to pack board and management with their own representatives, which led to resignation of chief executive officer Lalit K Gupta who has been holding the post six year.

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