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July 19, 2011
In pursuance of my e-mail to all directors dated 25th September 2009 where among other things, I had proposed sixty-five as the age of retirement from any active role for Directors, and as reiterated by me on different occasions subsequently, I hereby formally convey my decision to retire from my position as Senior Managing Director when I reach the age of 65 on 11th August 2011. I would, however, continue as a whole time Director of the company. I wish to express my anger, anguish and sadness at the horrible happenings in our company, over the last fifteen months. Such a brazen and crude display of factionalism, vindictiveness, vote-bank and opportunistic politics and personal agendas by various board members as seen over this period, has not only seriously eroded the quality, reputation and credibility of our family run newspaper, The Hindu, but also has severely impaired the competitive ability and profitability of the whole enterprise. If the faction of the board that has perpetrated the gross injustice and vindictive acts persists in its unsavoury ways, the institution and the iconic 132year old newspaper would have a very bleak future indeed. This letter may please be taken on record. Yours sincerely,
Copy to: Mr. S.Padmanabhan, Company Secretary, Kasturi & Sons Ltd