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Decision to terminate Alagh unanimous: Britannia
June 13, 2003 00:45 IST
Britannia Industries Ltd (BIL) on Thursday night said the decision to terminate employment of S K Alagh as managing director was taken unanimously at a full meeting of all non-executive directors on the board.
The company appointed John Miller, an employee with Danone Asia Pacific having wide experience in FMCG sector, as an additional director. Nusli Wadia controls BIL along with European food product conglomerate Groupe Danone.
Wadia, who is the BIL chairman, refused to comment on 'anything'.
The board has expressed full confidence in the current management, which is fully competent and has demonstrated ability to drive profitable growth of the company, BIL company secretary Ravi Mannath said in a release issued to reporters after a marathon five-hour board meeting in Mumbai.
Alagh, whose tenure was to end in February 2004, had earlier decided not to extend this contract beyond that date. The board terminated his services on June 4 with immediate effect.
He resigned from the board of directors on June 10.
On reports about Jeh Wadia's induction in the management of the company, he said, "There in no truth whatsoever in these reports."
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