Saving the Company from Promoter Shareholders
Conflict of interest by Promoter Directors who own company Paladin Paints and Chemicals Private Limited, and other companies supplying goods to Asian Paints.
Board of Asian Paints has failed to act decisively to mitigate the conflict of interest.
Inadequate disclosure of value of related party transactions and logic thereof; thus, leaving the issue a bit cloudy.
The inaction by the Board raises questions of intent.
In the interest of good governance, company needs to present details of the transactions – values, nature and logic - with Paladin and other related parties controlled by promoters.
SEBI needs to investigate and insist on detailed disclosures of related party transactions by such a large listed company.
The company has issued a clarification on 25th November 2021