Is the `Manager Nikhil Sen virtually MD of Britannia?
Our Bureau Kolkata , Aug. 9 BRITANNIA Industries Ltd’s decision to engage its Chief Operating Officer, Mr Nikhil Sen, as the Manager of the company has not come as a surprise to many people. Corporate watchers indicate that the move has effectively rendered Mr Sen as the Managing Director (without naming him as such) as the difference between a `Manager’ and a `Managing Director’, according to definitions laid down in the Companies Act, is very small. The move assumes further significance in view of Britannia’s recent decision to sack Mr Sunil Alagh as Managing Director and the most visible face of the company. For the record, the Britannia board, at a meeting held on Friday, appointed Mr Sen as Manager in terms of Section 269 read with Section 387 of the Companies Act, 1956. A notice to this effect was sent to the Bombay Stock Exchange. The company, incidentally, held its 84th AGM earlier on Friday. According to Section 2 (24) of the Act, a Manager refers to “an individual who, subjec
