ITC unveils corp governance steps

The company says that the three-tier structure will ensure supervision for the shareholders. The structure of the corporate governance adopted by the company being free from strategic responsibilities is focused on enhancing quality, efficiency and effectiveness.

The six committees cover nominations, audit, remuneration, compensation, legal & safety audit, and corporate management. As a policy, the committees are required to hold six meetings in one year and possibly one meeting has to be held every two months.

ITC proposes to seek the approval of its shareholders to sell the assets of its in-house information systems division and also ITC’s stake in UK-based information technology subsidiary ITC Infotech Ltd to a new subsidiary in India.

According to a resolution to be tabled for approval at the forthcoming annual general meeting, the company proposes to sell the assets in the ISD to the new subsidiary for a written down value of Rs 3.16 crore.

Divestment of ITC’s stake in its UK-based subsidiary has been valued at close to Rs 3.15 crore which will be transferred to the new Indian IT subsidiary. The resolution also points out that the 180-odd employees of ISD will be transferred to the new subsidiary.

This restructuring exercise is being undertaken to revamp and consolidate its entire IT business under a new umbrella in India.

Earlier during the year, ITC Infotech had announced a tie-up with Infobank International Holdings Plc to develop solutions for Infobank’s InTrade suite of B2B e-commerce software.

Last month, Infotech announced a strategic alliance with Compaq India for providing end- to- end web-enabled solutions focusing on the Asia-Pacific region. The alliance will develop industry and application domains and industry portals.

The domains proposed to be developed will be in areas where Infotech has expertise — fast-moving consumer goods, hospitality, paper & packaging, retail and commodity trading.

The alliance will provide applications for customer relationship management, supply chain and logistics management, enterprise applications, B2B and B2C solutions. Compaq is to provide mission-critical and internet-enabling technology.