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DAMANI NIXES BAT PICK FOR CHAIR OF VST INDUSTRIES
Hindustan Times
|December 23, 2024
Top billionaire investor and D-Mart promoter Radhakishan Damani opposed the candidate for chairmanship proposed by British American Tobacco (BAT) for its Indian unit VST Industries Ltd, leading to his rejection at a shareholder vote, according to voting disclosures and an executive privy to the development.
Opposition from Damani, who owns nearly a third of India's third largest cigarette maker, marks a rare episode of opposition from the investor who holds more than 1% shares in 11 publicly listed companies.
BAT, the promoter of VST Industries with 32.16% shareholding, first appointed its executive Naresh Kumar Sethi as director on the board of the Hyderabad-based cigarette maker in November 2018.
This story is from the December 23, 2024 edition of Hindustan Times.
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