Muthiah is new Spic chief

CHENNAI, FEBRUARY 16: The board of directors of fertiliser firm, Southern Petrochemical Industries Corporation Ltd Spic has elected AC Muthiah as its chairman. However, no decision has been taken on who takes over as the vice-chairman and president of the company. It appears issues of succession to the post of vice-chairman and president have been deferred.

For now, the status quo is being maintained and Ashwin Muthiah continues his position as a director on the board. P Sundaravadivelu also continues to be the managing director, it is learnt. Meanwhile, the company posted a hefty slide of 49.3 per cent in net profit at Rs 5.22 crore for the quarter ended December 31, 1999 on a higher turnover of Rs 862.26 crore compared to turnover of Rs 773.95 crore and a profit of Rs 10.30 crore in the corresponding period of last year. For nine months ended December 31, 1999, Spic8217;s turnover rose marginally by 2.42 per cent to Rs 2,040.87 crore.