Finance Vp Bows Out

Vice-president (finance) and secretary of Rossell Industries A K Bansal has resigned from the company. The board has accepted his resignation. However, sources said that Bansal has resigned due to personal reasons. Bansal, who joined the company in November 1990, put in his papers recently. Previously with Atlantic Commercial Company, he served Rossell Industries for a little over six years.

This has been the second major change in the last 18 months after the exit of Ram Adige, MD, following executive unrest and poor financial performance. A Nevatia will now look into the financial affairs of the company in his capacity as vice-president. At the headquarters, Ashok Sahani will take over as general manager, finance. He was group manager, finance, at the Bokel Tea Estate gardens. Rossell faced turmoil over the last three years involving its owners, first within the Modi family and then with Modi's two partners, S M Gupta and H M Gupta.

 

Y K Modi's differences with the Guptas ultimately led to the division of the assets of Rossell Tea. Less than two yeas ago, the company split into Rossell Industries and Rossell Tea Ltd.