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How It All Began

How It All Began
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April 18, 1994: BAT Industries seeks to increase its shareholding to 51 per cent from 31.5 per cent. ITC resists the move.



K.L. Chugh visits BAT headquarters armed with a Government assurance that FIs will oppose takeover.

May 5: BAT drops move to take over ITC’s core tobacco business after stiff opposition from public sector FIs.

Nov 25: ITC announces diversification into food and power. 


ITC decides to call extraordinary general body meeting in March to seek shareholders nod for foray into power.

Mar 22: BAT demands immediate resignation of Chugh. Wants to change management structure by implementing the Cadbury Committee recommendations on good governance.



BAT decides to freeze all expansion plans of ITC as long as Chugh continues. FIs with 38 per cent stake to back Chugh. 



At an EGM that turns violent, Chugh staves off move to remove him, but foray into power blocked. Independent audit to probe irregularities leveled by BAT.

April 19: Chugh reshuffles portfolio of ITC directors but BAT still has reservations about the way the company is being run. 


High-level ITC team led by Deveshwar meet BAT to discuss compromise formula. BAT still wants Chugh to step down. 



Chugh decides to quit before expiry of term.

Aug 1: Chugh appears before Audit Committee.

Aug 10: Apex institutional panel headed by IDBI grills Chugh.

 

ITC formally drops plan for diversification into power and food.

Sep 7: Audit committee exonerates top ITC officials.

Sep 29: Chugh takes responsibility for human error causing losses to company’s international division at ITC AGM. 


Enforcement Directorate serves notice on ITC for alleged FERA violation in its export deals.

Dec 11: Y.C. Deveshwar to take over as ITC chairman.

Jan 2, 1996: Rs 799-crore excise evasion case comes up for scrutiny again.

Mar 16: CEGAT asks ITC to deposit Rs 350 crore in excise case. 


CEGAT grants stay in ITC’s favour.

June 19: Suresh Chitalia accuses Chugh, Vevaina and G.K.P Reddy of involvement in tainted deals. 


ITC hits back with slew of charges against Chitalia.

Aug 15: Enforcement notices to top officials in rice export deal. 


Chitalias sue ITC for over $55 million.

Sep 19: Chitalias want to turn approver against ITC.

October 11: $100 million FERA violations established.

Oct 18: Deveshwar named in FERA case.

Oct 19: ITC brass offers to make voluntary disclosures.

Oct 28: Top company officials offer to make disclosures to Enforcement Directorate.

Oct 30: Two ITC directors, G.K.P. Reddy and R.K. Kutty arrested. ITC offices and homes of senior managers raided across the country. 


Chugh and Sapru arrested.

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