Asian Paints on Thursday said it will respond to a report by proxy advisory firm InGovern alleging related-party transactions (RPTs) on Dani family, one of its promoters, and also clarify certain factually incorrect information included in it.
InGovern, in its report, has raised the issue of transaction with Paladin Paints and Chemicals (PPCL), a key raw material supplier of the company controlled by Malav Dani, terming it as a conflict of interest. “Promoter directors who ‘control’ entities supplying goods to APL should immediately resign,” InGovern stated.
Asian Paints further said it has already “adequately” responded to all the aspects related to its transactions with PPCL to the regulators.