ITC Ltd. has filed a defamation suit for Rs 1,000 crore against Mumbai-based proxy advisory firm Institutional Investor Advisory Services India (IiAS). ITC has alleged that the advisory company has made defamatory remarks against ITC and its directors. The Calcutta High Court is set to hear the matter.
In July, IiAS had published a report questioning the monthly remuneration which would be paid to ITC's non-executive chairman, YC Deveshwar.
It had recommended voting against this. Economic Times contacted an ITC spokesperson who said that the matter was sub judice and hence they won’t make a comment.
Economic Times also tried to reach IiAS founder and managing director Amit Tandon on his cellphone but all went in vain, while an email sent to the organisation did not elicit any response. Incidentally, 85.112% votes polled were in favour of Deveshwar's monthly remuneration as non-executive chairman with effect from February 5, 2017. The resolution was placed before shareholders at ITC's annual general meeting held in Kolkata on July 28.
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