TT Epaper LHS
The Telegraph
TT Mobile
 
 
IN TODAY'S PAPER
WEEKLY FEATURES
CITY NEWSLINES
FEEDS
  RSS
  My Yahoo!
SEARCH
 
Archives Web
 
ARCHIVES
Since 1st March, 1999
 
THE TELEGRAPH
 
CIMA Gallary
 
Email This Page
Birla duo exits Century board

Calcutta, Feb. 23: Sudarshan Kumar Birla and Chandra Kant Birla have stepped down from the board of Century Textiles and Industries Ltd, paving the way for a complete control by the BK-Kumar duo. The development follows the induction of Kumar Birla on the board earlier this month.

Confirming the development, Century Textiles chairman Basant Kumar Birla told The Telegraph that they (S.K. Birla and C.K. Birla) did not want to continue any more even though he wanted them on the board.

“I requested them to continue for a year more. But they have other engagements,” Birla said.

BK and Kumar consolidated their position in Century Textiles after buying out the GP-CK Birla and SK Birla stakes in the Birla family investment outfit ? Pilani Investment and Industries Corporation ? in August last year. B.K. Birla said S.K. Birla and C.K. Birla did not hold any shares in Pilani, which is the largest shareholder of Century Textiles.

The day the Pilani deal was struck, it was all but certain that Kumar Birla, who has been designated by grandfather B.K. Birla to take over the company in future, would join the board.

It was also evident that S.K. and C.K. Birla would step down from the Century Textiles board. However, the process of change has been unhurried.

Top
Email This Page

 More stories in Business

  • Morocco beyond Tata Tea's reach
  • United Bank to seek approval for capital rejig plan
  • State Bank awaits nod for rights issue
  • Govt focus on PSU idle cash
  • Spentex buys Uzbek spinning company
  • Mastek profit up 22% at Rs 69 cr
  • Dena Bank to raise funds
  • News Corp stake in Turkish TV company
  • AMD to buy chip maker for $5.4 bn
  • Reckitt earnings up 13%
  • BG profit jumps 46% in second quarter
  • RBI zoom captures bloom and gloom
  • Seat for Microsoft in TCS's China venture
  • Two faces of foreign funds
  • Reality check on optimism
  • Tax returns at post offices
  • US drives last nail in trade coffin