PR News 1 minute read
Reliable market sources told PRmoment India that Bobby Kewalramani, co-founder, Perfect Relations has offered to buy out the 50 percent stake of Dilip Cherian in the company. Both Dilip Cherian and Bobby Kewalramani had set up the company in September 1992; one of the clauses in the agreement was that if one partner wants to exit then the other partner will have first right of refusal to pick up the stake.
The offer made is on an all cash basis and also includes a position for Dilip Cherian as Chairman Emeritus for life and 5 percent of all business that Cherian brings in during the first year of the buyout. Cherian’s wife Devi, who has political connections, is also said to have been offered mentoring of the political PR team at a salary.
According to sources, Dilip Cherian, who turns 59 in April 2015, has said that he would like to retire by the age of 60 and wanted to do a strategic buy-out and not an earn out to the international buyers that Perfect Relations has been courting for the last few months. This includes a failed deal with the MSLGROUP.
Sources said that Dilip Cherian has not responded favourably to the offer and has no intention of selling to any party internally or externally yet and that there is no formal proposal yet. Sources also said that the offer was made via SMS by Kewalramani.
When contacted, Bobby Kewalramani said that, “I will be very happy if Dilip Cherian continued for life as a 50 percent partner for life.”
Kewalramani also said that he would prefer not sell to an international firm and would like to “remain independent till I die.”