Feroze Vevaina Resigns From Itc

Feroze Rustom Vevaina, director in ITC Ltd, has resigned from the cigarette giant. In a quiet move, Vevaina's resignation was accepted by the ITC board at its meeting in Calcutta a few days ago.

Vevaina, who was a key member of the ITC board during the tenure of former chairman K L Chugh, has cited medical reasons for his decision to step down.

He was one of the directors on the ITC board who was interrogated by the Enforcement Directorate (ED) on Fera violation charges against the company and its key executives with the sum involved running to over $100 million.

 

Vevaina is the first director who has decided to resign from the ITC board after the ED cracked down on the company last year.

Many of his contemporaries like G K P Reddy and R K Kutty have left the board after attaining superannuation.

Vevaina held key positions on the ITC board. Before his resignation, he was responsible for the ITC group's financial services business. As the director responsible for ITC Classic