Bhaskarudu Takes Over As Maruti Md

After a marathon four-and-a-half hour session, the board of directors of Maruti Udyog Ltd yesterday accepted government nominee RSSLN Bhaskarudu as the managing director of the company with effect from today.

A R Halasyam, director (fin-ance), is expected to be appointed by the government shortly as its nominee to the post of the joint managing director in place of Bhaskarudu.

With the government sticking to its guns, partner Suzuki Motor of Japan exercised its right to nominate the next chairman and proposed the name of R C Bhargava, the outgoing managing director, to the post of the non-executive chairman for the next five years.

 

However, Bhargavas appointment will have to be cleared at the AGM scheduled for September 22. The AGM, which was originally scheduled to be held yesterday after the board meeting, had to be put off as Suzuki Motor representatives insisted on a formal notice for the meeting.

Anup Mukherji, government nominee and Maruti director told reporters after the board meeting: Though we had informally informed Suzuki Motor about the AGM in July, they insisted on a formal notice which has not been issued yet.

Until September 22, Bhargava will cease to have any ties with the countrys largest automaker. Yesterday, he demitted office as director on the Maruti board on the expiry of his five-year term.

Suzukis list of nominees to the Maruti board remains unchan-ged; however, the government will have to nominate a fifth director to fill the post of outgoing chairman P Sengupta, secretary, heavy industries, who will cease to be on the Maruti board after the AGM on September 22.