26 September, 2020

How It All Began

How It All Began

April 18, 1994: BAT Industries seeks to increase its shareholding to 51 per cent from 31.5 per cent. ITC resists the move.

K.L. Chugh visits BAT headquarters armed with a Government assurance that FIs will oppose takeover.

May 5: BAT drops move to take over ITC’s core tobacco business after stiff opposition from public sector FIs.

Nov 25: ITC announces diversification into food and power. 

ITC decides to call extraordinary general body meeting in March to seek shareholders nod for foray into power.

Mar 22: BAT demands immediate resignation of Chugh. Wants to change management structure by implementing the Cadbury Committee recommendations on good governance.

BAT decides to freeze all expansion plans of ITC as long as Chugh continues. FIs with 38 per cent stake to back Chugh. 

At an EGM that turns violent, Chugh staves off move to remove him, but foray into power blocked. Independent...



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