Chhabrias stewardship of Shaw Wallace saw several allegations being levelled against the management and a continuous tussle with the employees.
In fact, this led to the Company Law Board (CLB) nominating two members on the board of Shaw Wallace to monitor the activities of the company.
This was a glaring instance of the CLB intervening in the corporate world. Importantly, the company had no semblance of observing corporate governance. In fact, the turnover at the board level was fairly high.
In one case, a managing director left for the UB group!
The UB group has been a more enterprising group and its move is a reflection of the present times of mergers and acquisitions.
After all, gaining the second spot in the global market is not a mean achievement and certainly not easy to sustain.
I do think that there is a possibility of abuse of dominant-player status in the market place, which should be guarded against by the Competition Commission. Hopefully, mature global competition will take care of any such eventuality.
Shaw Wallace was the principal component of Chhabrias empire in India, and with this sellout, their presence will vastly diminish. Anyway, the fate of their other investments in the country is not very enthusing.
After her fathers death, Komal Wazir tried her best to improve the state of affairs, but it appears that the situation swung out of control.
The writer is a former board member of Shaw Wallace