Financial Daily from THE HINDU group of publications
Saturday, Feb 14, 2004
Financial Daily from THE HINDU group of publications Saturday, Feb 14, 2004 |
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Corporate
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People No decision yet on new MD for Tata Tea Kohinoor Mandal
Kolkata , Feb. 13 Tata Tea is yet to decide on who will be its Managing Director from next Thursday. The current Managing Director, Mr H.R. Khusrokhan, was appointed on February 19, 2001, for a period of three years. So, his term will end on February 18, but till date the company has not made any announcement on this matter. The company's official statement on this issue is that the board of directors will be meeting on February 17 and this matter will be discussed. There after a formal announcement will be made. At present, Mr Khusrokhan is 60 years. According to Bombay House practice, executive directors will retire at the age of 65 after which they can continue up to 70 years but without executive powers. By that yardstick he is eligible for another five years. However, such an uncertainty in the MD's post is uncommon, more so, in a Tata organisation. Generally, these decisions are taken long back but here it is left till the penultimate day. Sources said that Mr Khusrokhan might be retained as the MD. However, if he quits, then Tata Tea will have to either rope in a new MD or promote the Deputy Managing Director, Mr P.T. Siganporia, to the post.
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