Business Standard

Proxy advisory firm InGovern raises related-party issues at Asian Paints

Company says the audit committee has a majority of independent directors, and the promoter director does not participate in the meeting during discussions on related-party transactions

Asian Paints
Premium

Dev ChatterjeeSamie Modak Mumbai
The Dani family, one of the promoters of India’s largest paint firm — Asian Paints — has come under fire from proxy advisory firm InGovern after the latter pointed out several related party transactions between Asian Paints and Paladin Paints & Chemicals, a private company owned by the Danis.

“A lack of detailed disclosure and intent of procuring such a high percentage from companies, including Paladin — that are owned by promoters of Asian Paints — is strange. For example, in 2019-20, Asian Paints procured over 5.8 per cent of its raw material from companies controlled by promoters. Paladin itself

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Nov 24 2021 | 4:44 PM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on business-standard.com are available only to BS Premium subscribers.

Register to read more on Business-Standard.com