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Morzaria exit has no links with Q3 loss: Bata

Our Bureau

KOLKATA, Nov. 6

BATA India Ltd, in a clarificatory statement issued here on Tuesday, stated that Mr Chandu Morzaria's resignation as managing director of the company had no connection whatsoever with the company's losses for the third quarter.

According to Mr A.L. Mudaliar, Chairman of the company, Mr Fernando Garcia, previously Joint MD, has assumed the day-to-day management of the company and has been appointed Managing Director, and this now allows Mr Morzaria to concentrate on his role as regional executive for Bata companies in Asia, including Bata India.

As per the statement, Mr Morzaria will be based here and will continue as a director (non-executive) of the company. Mr Morzaria will focus on the development of strategies at Bata India and will work closely with Mr Garcia on the implementation of these strategies.

Mr Morzaria, according to the management, continues to be the regional executive of Bata, Asia, and will operate from here. He will also continue as the Senior Executive Vice-President and Executive Director of Commercial Services at Bata world headquar ters, Canada.

The chairman said in order to meet the current international challenges, Bata headquarters Canada needed Mr Morzaria's presence in Toronto as well.

He described Mr Morzaria as one of the ``trusted key executives of Bata Ltd, Toronto, sent here to put Bata India on the right strategic path for future profitability''.

He pointed out that while recommending Mr Morzaria appointment as MD, Mr Jim Pantelidis, Chairman and CEO of Bata worldwide, had stated that Mr Morzaria's ability was of the highest calibre within the Bata organisation, and his assignment to India only u nderlines the extent to which he felt the importance of the Indian operations to the future success of Bata Shoe Organisation (BSO).