The BAT-ITC Tussle

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Excerpts

Chugh had joined ITC as an engineer at the Munger factory. Having made rapid progress up the corporate ladder, he was given full responsibility for ITC's Bhadrachalam Paper project.Not only was the project successfully commissioned, but Chugh also played a crucial role in lobbying with the Andhra Pradesh state government when it withdrew certain crucial concessions.While many Indian and MNC players were present in the IMFL segment, the unorganized sector accounted for almost 100% of the country-made liquor segment... On the strength of his successful track record, Chugh was made the vice-chairman of ITC in 1989 and the Chairman in 1991...

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The charges of financial irregularities were confirmed later on by an audit committee. The committee said that ITC was involved in certain questionable deals, which had led to a drop in profits of Rs 2.61 billion for 1995-96. However, the committee cleared Chugh of all charges. A few days later in September 1996, Chugh summoned a press conference and to the surprise of everyone, announced his decision to step down from his post by December 1996...

Exhibit I: ITC: A Chronology of Events
Exhibit II: ITC Shareholding Pattern
Exhibit III: Income & Expenditure Statements
Exhibit IV: ITC - Segment Wise Sales
Exhibit V: ITC - The Board Structure
Exhibit VI: A Profile of BAT
Exhibit VII: Corporate Governance at ITC