Financial Daily from THE HINDU group of publications
Friday, Sep 27, 2002
Asif Adil, Hazari may join SWC board
BANGALORE, Sept. 26
SHAW Wallace & Co Ltd is expanding its board with the likely induction of Mr Asif Adil, a former partner of McKinsey & Co, and Mr C.K. Hazari, a former Company Law Board nominee on the SWC board.
The company is shortly expected to announce two or three new directors on its board as part of the strategy to involve eminent outsiders at the policy-making level.
Top company sources said both Mr Adil and Mr Hazari were poised to join the board and a meeting later this week may decide on their induction.
When contacted, a Shaw Wallace spokesperson said, "The company is considering inducting eminent outsiders into the board. But there is no final decision yet."
Mr Adil, a management expert, played a key role in establishing McKinsey's India office.
His induction into the board comes as no surprise as McKinsey has been donning the role of management advisor to Shaw Wallace in recent years.
However, Mr Hazari's selection carries a bit of irony. The liquor major under the late Manohar Rajaram Chhabria had bitterly contested his entry into the company board as a government nominee in the late 90s.
It must be mentioned that CLB in July 1998 ruled in favour of appointing four Government nominees, two each from the Department of Company Affairs (DCA) and CLB, on Shaw Wallace board to safeguard the interests of the company, its members and the public shareholders.
This triggered a legal battle in the course of which Mr Hazari was voted out by the majority shareholder.
It is learnt that Mr Hazari is now being inducted into the board in his capacity as a learned counsel in company law.
At present, the six-member Shaw Wallace board includes Ms Vidya Manohar Chhabria as Chairperson, Ms Komal Chhabria Wazir as Executive Director, Mr Niranjan Takhur, also an Executive Director, Mr T.S. Shettigar, Mr Suresh Dadlani and Mr Satish Pillai as Directors.
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