Former Chairman Ajit Narain Haksar passes away

Mr. A.N.Haksar, the first Indian Chairman of our Company, passed away in New Delhi, on Thursday, May 19, 2005. His cremation took place on Saturday, May 21, 2005.

Born in Gwalior in 1925, Mr. Haksar was educated at Doon School and at Allahabad University. He did his MBA at the Harvard Business School and joined the Imperial Tobacco Company as a Marketing Assistant in 1948. He was appointed to the Board as Marketing Director in 1966 and became Deputy Chairman two years later. Mr.Haksar became the first Indian Chairman of the Company in 1969 and retired on 11th January, 1983 after a distinguished career spanning more than 34 years.

As Chairman of the Company, Mr. Haksar was responsible for sowing the seed which led to the transformation of the then Imperial Tobacco Company into a vibrant ‘Indian’ Company, committed not only to the creation of shareholder value, but to making a substantial contribution to the nation as well. His leadership of the Company was anchored in the belief that ‘the best means of growth come from within.’ The first phase of the Company’s diversification into Hotels and Paperboards took place under his leadership.

Mr.Haksar was one of those exceptional persons who combined professional excellence with outstanding entrepreneurial and leadership qualities.

The ITC Board, at its meeting this morning, May 27, 2005, paid glowing tributes to the significant contribution made by Mr. Haksar to the Company and observed a moment of silence as a mark of respect to his departed soul.

Mr. Haksar is survived by his wife, Mrs.Madhuri Haksar, his daughter, Nina Channa and his son, Anant Narain Haksar.

Members of the ITC family will remember Mr.Haksar with warmth and affection.