New Delhi, June 15: M.M. Thapar today stepped down as chairman of JCT. He is likely to be succeeded by his son, Sameer Thapar, JCT’s vice-chairman and managing director.
A senior JCT executive cited senior Thapar’s “preoccupation with personal things” as a reason for his stepping down.
Thapar, who is over 76 years, will no longer be actively involved in JCT’s business.
Sources said, “The decision was finalised at the board meeting today. However, the decision on who would take over as chairman would be taken at the next meeting.”
The date for the next meeting has not been fixed as Sameer Thapar is travelling.
Company sources added that the junior Thapar has been with JCT for over 10 years.
The JCT group has diversified industrial interests ranging from textiles, paper, chemicals, edible oils to manmade fibres, steel wires, glass, engineering, electronics, hydro consultancy and shipping.
While the MM Thapar group runs JCT, the LM Thapar branch of the family controls Ballarpur Industries Ltd (Bilt).
The operations of the company are looked after by Gautam Thapar, who recently took over as Bilt chairman.
Greaves Cotton, on the other hand, is controlled by the BM Thapar group, led by Karan Thapar.
The BM Thapar and LM Thapar group of companies are under the management of Gautam and Karan Thapar. While JCT is controlled by Sameer Thapar, JCT Electronics is run by Arjun Thapar.
The IM Thapar group companies are being run by Vikram Thapar.
According to the Karam Chand Thapar family settlement among the brothers 2000, Bilt and APR Ltd went to L.M. Thapar. While M.M. Thapar gained control of JCT, JCT Electronics and Greaves, Bilt Chemicals, Bharat Starch and Crompton Greaves went to B.M. Thapar. I.M. Thapar, on the other hand, got KCT Coal Sales, Water Base and India City Properties.
The other small companies, including holding entities, were also divided among the brothers.
However, through an amendment to the original restructuring plan, Greaves, now rechristened Greaves Cotton, was transferred to BM Thapar, rather than becoming an MM Thapar group company.