Financial Daily from THE HINDU group of publications
Wednesday, Apr 20, 2005
Financial Daily from THE HINDU group of publications Wednesday, Apr 20, 2005 |
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Corporate
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People New JVSL chairperson's appointment surprises steel industry Ambarish Mukherjee
New Delhi , April 19 THE question on who will succeed late steel baron O.P. Jindal as chairman of the Rs 13,000-crore group is becoming trickier with his wife Ms Savitri Devi Jindal replacing the eldest son, Mr Prithvi Raj Jindal, as the Chairman of Jindal Vijaynagar Steel Ltd (JVSL) controlled by second son Mr Sajjan Jindal following yesterday's company board meeting. This raises the question on who would be the next chairperson of the two other main group companies? Following O.P. Jindal's death, the post of chairman has fallen vacant in Jindal Stainless Ltd (JSL) controlled by the third son, Mr Ratan Jindal, and Jindal Steel and Power Ltd controlled by youngest son, Mr Naveen Jindal. And a clear indication is expected by the end of this month. The Jindal family fortune had reasonably clear lines of demarcation on the functioning of the four sons individually under the overall guidance of the father. While the senior Jindal was initially chairman of the four major group companies, the sons were the vice-chairmen of their respective companies. Steel industry observers were expecting that after the father each son would be elevated to the post of chairman in their controlled companies. When the senior Jindal relinquished from the helm of Jindal Saw Ltd, eldest son Prithvi Raj Jindal was elevated to chairmanship. However, when O.P. Jindal opted out of JVSL, his second son Mr Sajjan Jindal, who was then vice-chairman, did not take on the mantle. Industry observers are surprised that now, after O.P. Jindal's death, Ms Savitri Devi has stepped in to replace Mr Prithvi Raj Jindal as chairperson and additional director, while Mr Sajjan Jindal continues to remain vice-chairman. The next board meeting of Jindal Stainless is scheduled for Thursday. The official agenda, however, does not mention the selection of the chairperson. The date for the Jindal Steel and Power board meeting is to be decided by the end of the week. But as per SEBI rules it has to be held before the end of the current month to declare the last quarter financial results. It is only then that it will become clear as to who is to be the group's head.
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