Paints-to-explosives major ICI India Ltd has decided to replace its current auditors Lovelock & Lewes with BSR & Co of the KPMG group. The company will seek shareholders' approval for the appointment of the new auditors at the company's forthcoming annual general meeting on July 22.
ICI has also decided to rope in Herberts Cathodic electro coat technology for manufacturing purposes. Currently, this technology is used by the paints major for application know-how.
This apart, ICI's audit committee chaired by Deepak Parekh met four times last year to review its business continuity planning, debtors control and cash management to achieve highest standards of corporate governance.
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All recommendations of the committee were endorsed by the board and duly implemented by the management.
Meanwhile, the ICI plc catalyst business worldwide was relaunched after the merger of several entities under a new identity - Synetix.