Friends turn foes? Adi Godrej accuses former MD of legal breach over plans to launch competing products
Advertisement
Advertisement
It is unlikely for Mahendran had worked closely with Godrej for over 15 years, being the MD of the Rs 9,000-crore Godrej Consumer Products (
"I am extremely disappointed with Mahendran," Godrej told ET. "Him launching household insecticides is both a serious ethical and legal breach."
While accusing Mahendran, Godrej also spoke about his surprise over
"I am also very surprised that global investors like Goldman Sachs are allowing this to happen under their watch," he said.
Advertisement
Mahendran, on the other hand, maintained that he was under no contract to not enter the insecticide business. "In spite of my not having a non-compete agreement with Godrej, it was on ethical grounds I chose not to enter the insecticide business for three years," Mahendran said. "I hold Mr Godrej and the family in high esteem and am very surprised to hear their comments," he added.
Mahendran is busy launching insecticides under the brand name DND through his new venture Global Consumer Products, which is backed by Goldman Sachs. He would be controlling 20% of Global Consumer Products along with his family while the rest would be held by Goldman Sachs and Japanese investor Mitsui.
Advertisement
- Dirty laundry? Major clothing companies like Zara and H&M under scrutiny for allegedly fuelling deforestation in Brazil
- 5 Best places to visit near Darjeeling
- Climate change could become main driver of biodiversity decline by mid-century: Study
- RBI initiates transition plan: Small finance banks to ascend to universal banking status
- Internet of Things (IoT) Applications
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market