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Nani Palkhivala to step down from ACC board

Rumi Dutta & V Phani Kumar

After 33 years on the board of The Associated Cement Companies and almost 26 years as its chairman, Nani Palkhivala is finally calling it a day on health grounds. He will remain chairman emeritus following a resolution passed last year.

The octogenarian Palkhivala, who joined the ACC board as member in 1968 and chairman the next year, had relinquished the chairmanship in 1997 but had continued to be on the board as a non-executive director.

Due to his ill health, Palkhivala could attend only four board meetings last fiscal out of the 12 held. He was also on three board committees. ACC is not seeking his reappointment at the annual general meeting scheduled for July 12.

Palkhivala, who had been a director of Tata Sons, the Tata group's holding company, has led ACC for most of its glory days and successfully staved off a hostile takeover bid from Nusli Wadia in 1988.

In 1997, Palkhivala stirred up a hornet's nest when he strongly disowned any ownership links with the Tatas, one of ACC's four original promoters.

After passing on the baton to Pallonji Mistry that very year, ACC changed its stance and accepted its lineage, only to see the Tatas divest their entire stake in the company.

Except for two years, between 1977-79 when he was the ambassador to the US, Palkhivala remained the chairman till he stepped down in 1997.

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