Calcutta, July 25: Calcutta-based Shalimar Paints Ltd covered itself in a shroud of secrecy after announcing the sudden ejection of president and chief executive officer Vinod Maria on Thursday.

The exit of the 49-year-old Maria, who has been with Shalimar since 1994, was announced via an unsigned public notice on Thursday in a financial daily here. The notice said Maria has ceased to be in Shalimar's employment and that all his authorities and powers have been revoked.

Shalimar officials told The Financial Express that "the decision was taken at the top management level". When asked about the reason for his dismissal, the officials refused to comment.

Shalimar's brief public notice says that Maria "is no more in our employment and/or associated with us in any capacity whatsoever and all his authorities and powers have been withdrawn, cancelled and revoked. Accordingly, he is not authorised to enter into any contract or agreement on behalf of the company or bind the company by his acts and/or deeds..."

Calls to Shalimar's office were routed to one S Agarwal, who said he is the managing director. Questioned about the unceremonious tone of the notice, Agarwal said the notice was in line with the company stipulations. He said Maria had `resigned' on July 22. Agarwal, who hails from Mumbai, said he had been in the managing director's post for just three days and refused to comment any further.

Shalimar Paints is owned by the Jindals and the Hong-Kong based Jhunjhnuwala family, who share 60 per cent of the controlling stake between them while the remaining 40 per cent is held by financial institutions and public.

Paint industry sources said OP Jindal plans to take over the company by buying out the stake from Jhunjhnuwala. Ratan Jindal and G Jhunjhnuwala are directors, while SS Jhunjhnuwala is the chairman.

Shalimar officials, however, denied that Jindal had any takeover plans and said the "information was totally baseless as the Jindals and Jhunjhnuwalas were related through marriage and there was no question of one buying the other out".

Employees were also in a state of uncertainty with some of them unable to name their managing director. Shalimar officials say that this is because "the exit of Maria was very sudden and it would require a board meeting to finalise the posts".

Though officials remained tight-lipped about the reason for Maria's `resignation', they add that "no other changes were made at any level".

Maria, who was a director with Black & Decker Bajaj before joining Shalimar, is believed to have left for Mumbai. According to some, he has not joined any other company but is planning to pursue academics. He holds a BSc degree, and holds a post-graduate qualification from IMD, Switzerland.

Shalimar Paints, which has 70 per cent of its production in decoratives and 30 per cent in industrials, is also looking at other segments like auto-refinishes. Its 51:49 joint venture with US company WR Grace for can coatings and sealings is being executed, Shalimar officials said.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.