Jr. Nanda, an Escorts MD, steps down.

Escorts India’s MD, Rajan Nanda, has resigned, according to NEW DELHI. He will remain the board’s vice-chairman. Rajan Nanda, the CMD of the company, said it was his decision. He is Anil Nanda’s younger brother. However, no one could reach Anil Nanda. Rajan Nanda sought more time for his freshly purchased company Goetze, according to an assistant in London, who claimed that the relocation had nothing to do with their differences. Anil Nanda promised not to run for re-election in Escorts when he steps down from the board in 2006 after he purchased out Escorts’ share in Goetze, an Escorts subsidiary that produced car parts. When Escorts decided to sell its stake in the company in 2003, Anil Nanda objected to the plan and acquired the stock. He currently owns 27% of the business. Anil Nanda agreed to the terms of the agreement and agreed not to run for reelection in 2006 when his time on the board of the Escorts would expire.

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