Financial Daily from THE HINDU group of publications
Friday, Dec 23, 2005
Financial Daily from THE HINDU group of publications Friday, Dec 23, 2005 |
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Corporate
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Restructuring CMD, 5 directors of DCM resign Our Bureau
New Delhi , Dec. 22 IN a major restructuring of the board of DCM Ltd, six directors, including its Chairman and Managing Director, Mr Vinay Bharat Ram, and the Chief Technology Officer, Mr Hemant Bharat Ram, have resigned. While no official reason for the resignations was forthcoming, industry sources say that the move could be an attempt to induct a professional management and put in place a growth strategy. The three new appointees on the board are independent directors. The company informed the stock exchange on Wednesday that the board has accepted the resignation of the six directors and the appointment of three others as directors. The board in its meeting on Tuesday approved the appointment of Mr Surender Nath Pandey as Chairman and Mr Naresh Kumar Jain as Managing Director, along with Mr Jitendra Tuli as director. The other directors who resigned from the board include Mr P.K. Jain, Mr D.H. Pai Panandikar, Mr Shashi Ullal and Mr Bipin Maira. DCM Ltd's principal businesses constitute textiles, information technology and real estate. The textile business garnered revenues of Rs 32.30 crore in the first half of the current fiscal, while the IT division generated Rs 19.48 crore. DCM Ltd, it is learnt, also has about 40 per cent stake in a separate real-estate entity, Purearth Infrastructure Ltd. DCM's overall sales, however, declined by 19.5 per cent to Rs 54.68 crore in the first half of the current fiscal from Rs 67.93 crore in the same period last year.
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