Clearing the Decks for Growth

Clearing the Decks for Growth Hansavivek STANDARD MILLS COMPANY'S management structure is being reorganised. It has been decided that it should be a board managed company and the day to day affairs of various divisions be entrusted to the president of each division. Accordingly, Rasesh N Mafatlal has resigned from the office of Managing Director. He will, however, continue to be th- Chairman of the board. V Ramdurai and C C Maniar have resigned as whole-time directors and are being employed as executives designated as presidents of the chemicals and textiles division, respectively. Yogindra N Mafatlal resigned as a director from June 11, 1984 and Pradeep R Mafatlal was appointed as a director in the casual vacancy caused by his resignation. Jayantilal D Vasa resigned as a director and Madhav L Apte was appointed in the casual vacancy so caused. In pursuance of a special resolution approved by The Week's Companies the members in 1980, the company has been paying commission upto one per cent of the net profits to the directors other than Managing Director and the two whole-time directors, Taking into consideration the contemplated board managed nature of the company's management, it would be permissible to pay as remuneration an amount of three per cent of the net profits to the directors.