ITC files Rs 1,000 cr defamation suit against IiAS

KOLKATA: ITC Ltd has filed a Rs 1,000-crore defamation suit against Mumbai-based proxy advisory firm Institutional Investor Advisory Services India (IiAS) for allegedly making defamatory comments against the company and its directors. The suit has been filed before the Calcutta High Court.

IiAS had published a report in July, questioning the monthly remuneration which would be paid to ITC’s non-executive chairman, YC Deveshwar.

It had recommended voting against this. When contacted, an ITC spokesperson said the matter was sub judice and hence will not make a comment.


Repeated attempts to reach IiAS founder and managing director Amit Tandon on his cellphone failed, while an email sent to the organisation did not elicit any response. Incidentally, 85.112% votes polled were in favour of Deveshwar’s monthly remuneration as non-executive chairman with effect from February 5, 2017. The resolution was placed before shareholders at ITC’s annual general meeting held in Kolkata on July 28.