Naik bids goodbye to L&T as chairman; gets Rs 32 cr worth leave encashment

Will continue to address AGM for three more years as non-executive chairman

Larsen and Toubro (L&T) might be bidding a farewell to Executive Chairman A M Naik but he will continue to address the annual general meeting for three more years — albeit in a non-executive role.

“Although I shall address you in the years ahead as chairman, this is the last time I am doing so in the executive capacity,” said Naik on Tuesday, at the company’s AGM. In the course of the meeting, whenever anyone said it was his last, Naik reminded them he would be there in the next three as well.

In April, Naik had announced he would