In an attempt to get out of the financial crunch and regain lost market share, tractor major Escorts Chairman Rajan Nanda on Thursday appointed his son Nikhil as Chief Operating Officer and said the company would overcome its financial crisis emanating from debts within a month.Three of the company’s directors — former UTI Chairman S.A. Dave, M.G.K. Menon and P.S. Pritam, who had earlier resigned as part of a strategy not to be branded as defaulters, have joined the board again, Nanda said.Meanwhile, Nikhil, who quit the board on Wednesday reportedly due to differences with his father said, ‘‘I am open to join the board again.” He said Escorts suffered a net loss of Rs 57 crore in April-June this year. — PTI
