Britannia Industries Ltd has decided to appoint CC Chokshi & Company to examine all relevant papers and material and submit a report to the company's board following the alleged breach of trust and confidence by ousted managing director S K Alagh.
Stating that an audit committee report does not exist as speculated in the media, the company said the directors were unanimous in their opinion that Alagh had conducted himself in a manner clearly "incompatible and inconsistent" with the duties and responsibilities he owed as MD of a public limited company to the board as well as the shareholders.
However, the company has not specified the timeframe for undertaking the examination and submitting the report.
BIL, in a communication to Bombay Stock Exchange, said Alagh had breached the trust, which had over the years been reposed in him by chairman Nusli Wadia and the board of directors.
Based on careful review of facts and documents, the board on June 3 unanimously resolved to terminate Alagh's appointment with immediate effect and he was notified accordingly, the company said.
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