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'UBI is the biggest impediment to Dunlop's revival'

Be it the rift between the workers and the management at Shaw Wallace and Company's registered office in Calcutta or the inordinate delay in the revival of Dunlop India Limited's Sahaganj unit in West Bengal, the Chhabria family has often found itself in the eye of the storm.

Such is the disenchantment amongst the workers and bankers of these companies that all have begun accusing the Dubai-based Manu L Chhabria of siphoning off money from India primarily 'to invest in his other flourishing business in the Middle East'.

However, Chhabria's daughter Komal Chhabria Wazir, who is on the board of directors in both the companies, denies all such charges.

Possessed of an enchanting personality, soft-spoken Komal Wazir was in Calcutta to preside over the disbursement of dues to Shaw Wallace's inter-corporate deposit (ICD) holders recently.

Her pressing schedule notwithstanding, Wazir agreed to speak to rediff.com's Rifat Jawaid.

In a candid conversation, she said that the allegations levelled against her father were false, and added that some vested interests were instrumental behind what she termed was a well-orchestrated conspiracy.

Why this sudden realisation of paying dues to all your ICD holders?

It's not a sudden decision. The money, as you are well aware, has been lying with the joint special officers of Calcutta high court for the past couple of years. It's just because of legal wrangle, where we were not at fault, we were unable to disburse the money to our creditors.

Grapevine has it that you had to announce the disbursement under pressure from financial institutions.

No. It's not true at all. We don't need pressure to realise our obligations. We had endeavoured to pay this money to the ICD-holders for long and finally we've done it today. It's indeed heartening that we have been able to successfully disburse Rs 1.4 billion amongst 97 off the total 106 ICD holders.

You talk of discharging your obligations. How is it that hundreds of employees at the Shaw Wallace's registered office in Calcutta have been refusing to withdraw salary accusing the management of functioning against the workers' interests?

Had the federation been really fighting for a cause, we would have invited them to the negotiating table. But they are merely indulging in shadow boxing, and we do not appreciate this.

We've always believed that they were playing puppets in the hands of some vested interests. Far from being merely a baseless accusation, it has been proved at various legal forums.

Who those vested interests are? Can you name them?

I would not like to comment further on this subject. I don't think it's ethical on my part. It would also be too speculative in nature. Having said that, there is little denying the fact that they (rivals) would always attempt to see us in trouble, wouldn't they?

Contrary to the management's arguments, the workers at the registered office have denied having ever stalled works. Your comments.

Why has then the attendance register been hidden? How has it (the attendance register) vanished mysteriously? Why were people being frisked, while they were trying to go in and out of the offices.

Ironically, we are witnesses to such militant trade unionism by a federation, which doesn't even exist legitimately. The federation has long been derecognised by the management of this company.

It has a handful of people as its members. All the unions, which were earlier associated with the federation, have now given us in writing that they did not believe in the cause of the federation.

Simultaneously, they also cast their apprehensions that the federation was perhaps acting in the interests detrimental to the company.

What is the solution to this ongoing tussle?

Our industrial relations team is definitely trying to reach a negotiated settlement with the workers at our registered office. But given their stubborn attitude, it would be very difficult for our executives to operate from Bankshall Court Road office. Having said that, I am quite optimistic that some amicable solution would soon be evolved. Let us see what's the outcome.

What, according to you, ails Dunlop even one year after its Sahaganj unit was reopened amidst much fanfare and optimism?

Our banker, United Bank of India, is proving to be the biggest impediment on the way to a smooth revival of Dunlop's units in West Bengal and Tamil Nadu.

Will you elaborate further as to how is your banker is stalling the revival process of Dunlop?

The banker's attitude is deplorable since the management is extremely committed to the revival of Dunlop in India. It would be nothing less than a shame if the revival process has to be stalled primarily because of some unjustified and irresponsible acts of the UBI.

Unfortunately, the BIFR stipulated guidelines say that all partners must agree to the revival process. Since the UBI is an inherent part of that process, its rigidity has come as a major hurdle to our intention of resuming productions at the Dunlop units. All other partners have agreed except the UBI.

But the UBI mandarins accuse your father of siphoning off Rs 1 billion from Dunlop's account to the Middle East. Your reaction.

It's all wishful thinking and the charges hold no water at all. Biswajit Chowdhury of the UBI had made certain derogatory comments against Mr Chhabria, but we have succeeded in getting a stay order restraining him from making such remarks in future.

The Dunlop employees seem apprehensive of the management's sincerity towards the much touted revival process.

I would not like to believe that because the promoters and other parties involved are very much keen towards the revival process. I can assure the employees that we wouldn't do anything against their interests.

Your rival -- UB Group chief Vijay Mallya -- has been investing too much in acquisition of breweries. What would be your counter strategies?

We never benchmark our company against one individual called Mr Mallya. We've to look at global companies and the trends.

As I have already said, the globalisation is very much on the cards for Shaw Wallace. Capturing the international market and continuing to grow our marker share aggressively even in local and domestic market would also assume our prime attention in days to come.

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