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Wednesday, April 22, 1998

Sengupta offers to step down as Maruti chairman 

Our Corporate Bureau  
NEW DELHI, April 21: Probir Sengupta has offered to resign as Maruti Udyog chairman. In a written communication to industry minister Sikander Bakht, Sengupta has said he is ready to put in his papers, say sources.

Sengupta, who is now the petroleum and natural gas secretary, said he did not wish to comment.

The industry ministry reportedly is keen on Sengupta continuing on the Maruti board since the company is entangled in a legal dispute with its foreign partner, Suzuki Motor Corporation, over the appointment of the managing director, RSSLN Bhaskarudu.

Suzuki has filed a petition in the International Council of Arbitration against the government and Maruti, terming it a violation of the joint-venture agreement by unilaterally deciding on Bhaskarudu's appointment. Later, Suzuki also challenged the government for posting it nominee as Maruti chairman.

Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.



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