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Regular-article-logo Monday, 29 April 2024

Birla duo exits Century board

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Staff Reporter Calcutta Published 23.02.06, 12:00 AM

Calcutta, Feb. 23: Sudarshan Kumar Birla and Chandra Kant Birla have stepped down from the board of Century Textiles and Industries Ltd, paving the way for a complete control by the BK-Kumar duo. The development follows the induction of Kumar Birla on the board earlier this month.

Confirming the development, Century Textiles chairman Basant Kumar Birla told The Telegraph that they (S.K. Birla and C.K. Birla) did not want to continue any more even though he wanted them on the board.

“I requested them to continue for a year more. But they have other engagements,” Birla said.

BK and Kumar consolidated their position in Century Textiles after buying out the GP-CK Birla and SK Birla stakes in the Birla family investment outfit ? Pilani Investment and Industries Corporation ? in August last year. B.K. Birla said S.K. Birla and C.K. Birla did not hold any shares in Pilani, which is the largest shareholder of Century Textiles.

The day the Pilani deal was struck, it was all but certain that Kumar Birla, who has been designated by grandfather B.K. Birla to take over the company in future, would join the board.

It was also evident that S.K. and C.K. Birla would step down from the Century Textiles board. However, the process of change has been unhurried.

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