The Hindu : Audit firm to examine Britannia's documents

Online edition of India's National Newspaper
Sunday, Jun 15, 2003

Business

Business

Audit firm to examine Britannia's documents

MUMBAI JUNE 14. Britannia Industries (BIL) has decided to appoint an independent firm to undertake an examination of all relevant papers and material and submit a report to the company's board following the alleged breach of trust and confidence by the ousted Managing Director, S. K. Alagh.

Stating that an audit committee report does not exist as speculated in the media, the company said the directors were unanimous in their opinion that Mr. Alagh had conducted himself in a manner clearly `incompatible and inconsistent' with the duties and responsibilities he owed as MD of a public limited company to the board as well as the shareholders.

However, the company has not specified the timeframe for undertaking the examination and submitting the report by CC Chokshi & Company.

Britannia, in a communication to the Bombay Stock Exchange, said Mr. Alagh had breached the trust and confidence which, in good faith, had over the years been reposed in him by Chairman, Nusli Wadia, and the board of directors.

Based on careful review of the facts and documentary material, the board on June 3 unanimously resolved, that in these circumstances, Mr. Alagh's appointment as MD be terminated with immediate effect and he was notified accordingly, the company said. — PTI

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