A mostly unenthusiastic promoter family, misplaced focus on products and a churn in the top management have put the company in a tight spot. Is a comeback possible?
Public spats are rare in large Indian companies. Rarer still are the spine and voice of independent directors in the boardrooms of these companies, often populated by insiders. This is why it took a lot of investors and industry watchers by surprise when, last month, Nisaba Godrej quit as an independent director from the board of VIP Industries. She cited differences over succession planning and leadership accountability at India’s leading luggage maker.
While acknowledging her exit, chairman Dilip Piramal reportedly said Godrej was impatient. He also pointed out that recovery at the company was taking long but cautioned against haste. …
Neethi covers healthcare and consumer retail at The Morning Context. Previously, she worked at Moneycontrol, where she wrote about pharmaceuticals and healthcare.
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