Itc Moves Hc Over Chitalia Funds Transfer

ITC Ltd has moved the Mumbai high court to pursue the transfer of assets and funds from the US by Suresh and Devang Chitalia, and their companies, who owe the tobacco major $12 million following an order of the district court of New Jersey, US.

The move follows the discovery of certain documents by ITC indicating that the Chitalias were possibly transferring some assets and funds illegally to their associates in India.

Such a move was felt to be undermining ITC