Kolkata, June 30: The resolutions, which were put to vote by shareholders at the Bata India Ltd's annual general meeting on Friday, have been passed by an absolute majority with 99.95 per cent of the votes going in favour of the board. The company secretary of Bata India, A B Anand, told today that Life Insurance Corporation of India, the only financial institution which was present at the voting, had also cast in favour of the board.
The resolutions were put to vote at the AGM as the company posted a loss of Rs 7.04 crore for the financial year ended December 31, 2002.
Bata India had been facing stiff competition from local manufacturers in the organised sector.
The company chairman A L Mudaliar told shareholders that the workforce would have to be rationalised as salaries and wages of Bata India was the highest in the industry.
S J Davies, managing director of the company, said the focus of Bata India would be more on retailing. Bureau Report