Financial Daily from THE HINDU group of publications
Sunday, Oct 13, 2002
Financial Daily from THE HINDU group of publications Sunday, Oct 13, 2002 |
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Corporate
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Announcements Hind Sanitaryware hires new statutory auditor K.R. Srivats
NEW DELHI, Oct. 12 THE Rs 215-crore Hindustan Sanitaryware & Industries Ltd (HSIL) has a new statutory auditor in Walker, Chandiok & Co. S.R. Batliboi & Co had till recently been the statutory auditors of the company. "We had to go in for a new statutory auditor. The existing auditor - S.R.Batliboi - sought more remuneration for their professional time with the company. We couldn't afford the fees that they were looking for," the Chairman and Managing Director of HSIL, Mr R.K. Somany, told Business Line here. HSIL is in the process of de-merging its Rs 100-crore glass container division into a separate entity. The move is aimed at attracting a strategic partner into the business. The glass container division is likely to be brought under the fold of AGI Glasspac. The Sanitaryware division is to be retained under HSIL. Mr Somany also said that HSIL plans to step up its export efforts. "We are keen to increase our exports to Australia, which is a very competitive market. Till now, our focus had been on the Middle East market," he said.
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