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Tarun Das is new ACC chief -- Pallonji, Ganguly retire

Our Bureau

MUMBAI, April 26

THE Chairman of Associated Cement Companies Ltd (ACC), Mr. Pallonji S. Mistry, and the Vice-Chairman, Dr. S. Ganguly, have retired from the company board. The board has appointed Mr. Tarun Das, Director-General, CII, as the new Chairman.

Analysts said that the move by both Mr. Mistry and Mr. Ganguly to leave the ACC Board gives Gujarat Ambuja Cement Ltd (GACL) greater say in the management of ACC.

``Although GACL has said that it is not inclined in taking over ACC, the management change will provide it with more powers to undertake restructuring in the company, which is so vital for its growth,'' an analyst with a leading domestic brokerage said.

Mr. Mistry, who has been a director of the company for over 48 years, expressed his desire to retire at a board meeting of ACC on Wednesday, a press release said.

Mr. Ganguly, on the other hand, has been associated with the company for over 11 years in both executive and non-executive capacities.

GACL had recently bought 7.2 per cent stake of the Tatas in ACC at Rs. 370 per share. It also has an option of taking over the remaining 7.2 per cent Tata stake within a year.

Some market players feel that GACL will now be practically controlling ACC without having to make an open offer for the company. However, the company has officially refuted these claims, describing itself as just an `investor' in ACC.