march 25, 1995
Chugh wrests victory of sorts at EGM
MR. K. L. Chugh, Chairman, ITC Ltd, managed to wangle two resolutions at the company’s extraordinary general meeting (EGM) today. He outwitted BAT by getting the shareholders’ okay for resolution No. 1 in a show of hands but was stumped on resolution No. 2 with the BAT representatives demanding a poll. Contrary to general expectations arising from BAT’s prior announcement to oppose resolutions No. 1 and 2, Mr. Chugh announced that taking into account the show of hands by shareholders, resolution No. 1, meant to alter the memorandum of association to enable ITC to enter the power sector, “had been passed with the requisite majority.”
We won’t put money on Chugh: Davis
While forcefully reiterating that BAT has lost confidence in Mr. K. L. Chugh as Chairman, its nominee on the ITC board, Mr. Norman Davis, has said: “We will try to ensure that in the day-to-day management of ITC it is business as usual.” Addressing newspersons shortly after voting against a resolution at the company’s EGM, Mr Davis said “we have lost confidence in Mr. Chugh as chairman and we are not willing to put more money into the company run by him”. He added that BAT had no objection to ITC entering power or any other sector if it had key business prospects. In any case, the company could well go for new businesses where approval of 75 per cent shareholders was not needed.
Corporate suits add to tobacco industry’s woes
The newest attack on tobacco companies is coming from two unlikely plaintiffs, motorcycle legend Harley-Davidson Inc. and former asbestos maker Manville Corp., who are suing to stop their products and names from being linked to cigarettes.
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