Mumbai, Jan. 21: Thomas Cook (India) Ltd, the Indian arm of Europe's second-biggest travel company, today said it has reconstituted its board following the takeover by Dubai Investment Group in December.

The company has informed the Bombay Stock Exchange that Ashwini Kakkar had ceased to be the managing director, CEO and director and it had appointed additional directors as well.

The newly appointed additional directors, Udayan Bose, Jacqueline Gorski, Sayanta Basu, Dilip De, Abdul Hakeem Kamkar and A. V. Rajwade would hold office until the next annual general meeting.

Heinz-ludger Heuberg, Juergen Bueser, Roland Zeh, Ian Ailles and Thomas Doering (chairman) have resigned as directors.

Thomas Cook AG had earlier entered into an agreement to sell 100 per cent of the equity of Thomas Cook International Markets (TCIM) to Dubai Financial (LLC), a subsidiary of Dubai Investment Group.

Thomas Cook said in terms of the share purchase agreement entered last month between Thomas Cook AG, Dubai Financial (LLC) and TCIM, Dubai Financial will acquire 100 per cent of the shareholding of TCIM and shall therefore indirectly control 60 per cent of the total paid up capital of the company.

In line with the Securities and Exchange Board of India?s takeover code, Dubai Financial has also made an open offer to pick up another 20 per cent of Thomas Cook India from the public. The open offer, which is currently in progress, has been priced at Rs 619.45 a share.

The open offer for over 29.16 lakh shares will see Dubai Financial shelling out close to Rs 181 crore.

Making the public announcement on behalf of Dubai Financial, HSBC Securities and Capital Markets said the price paid for 100 per cent of TCIM, including the assumption of debt due from TCIM to Thomas Cook Overseas of ?49.92 million, amounts to the acquirer indirectly paying Rs 462 per share of Thomas Cook India based on an exchange rate of Rs 80.9775.