No more talks with ICI on share transfer: Asian Paints

Asian Paints Ltd will not hold further talks with ICI Ltd on the transfer of shares bought by the latter and the offer to buy back the shares from the multinational stands, according to Mr. Ashwin Dani, Director, Asian Paints Ltd. Mr. Dani told Business Line that the board of directors of Asian Paints will be meeting on Monday to discuss the issue. (PTI reported on Friday that the Foreign Investment Promotion Board had rejected the application of ICI to buy 9.1 per cent shares in Asian Paints.) “The ball is in Id’s court. They have not yet decided on selling the shares back to us,” Mr. Dani said.

FIPB yet to take final view

The Foreign Investment Promotion Board would take a final decision on the application filed by ICI for the acquisition of a 9.1 per cent stake in Asian Paints after a report regarding the validity of the transaction is prepared by the Department of Company Affairs. The Core Group of Secretaries, which met here earlier this week and considered such proposals before putting them up to the FIPB, has referred the matter to the DCA. When contacted, Mr. T.S. Krishnamurthy, Secretary, DCA, told Business Line that official communication about the referral was yet to be received. He added that “it might be in transit”.

Krishna Kumar to quit as Tata Tea MD, focus on IHCL

Mr. R.K. Krishna Kumar will step down as the Managing Director of Tata Tea. “Mr. Krishna Kumar will soon be 100 per cent focussed on Indian Hotels Company and there will be a successor in place at Tata Tea,” the Chairman of the Tata Sons, Mr. Ratan Tata, said at the AGM of Indian Hotels Company. Mr. Tata’s comments to shareholders’ queries provided ample hint of a management style that could see Tata companies being run by professional managers.

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