Mr Y.C. Deveshwar, Chairman, ITC, today said that ITC Global Holdings Pte Ltd – which was placed under judicial management in 1996 – would be wound up soon.
In 1992, ITC incorporated Global as a commodities trading company in Singapore.
“It has been under judicial management for sometime now. It is in the winding up process and we are hoping that the company will be wound up in not too distant future,” Mr Deveshwar said while replying to a query posed by the company’s shareholder at its 100th annual general meeting here on Friday.
ITC Global was put into liquidation on November 30, 2007. “There are certain claims made by the judicial managers of Global. However, we have clarified that no claims lie with ITC,” he said.