Aditya Birla Group Chairman, Kumar Mangalam Birla, is scheduled to chair the company's 109th annual general meeting to be held today signaling the transfer of powers from BK Birla to his grandson.
BK Birla hoped that his grandson would prove better than him but he clarified that he will continue to be the Chairman as requested by Kumar Manglam.
Kumar Manglam became member of the Century board in February, having purchased holdings in Pillani Investment that had shares in Century Textile.
Director becoming Chairman in AGM is a tradition prevalent in Century Textiles for years.
People close to the affair of the company said that it is just a matter of time before Kumar Manglam takes over the Century Textiles.
BK Birla had handed his stake in Century to Kumar Manglam that gives him 50 percent shares in the company.
Shareholder's permission would be sought for reducing directors on the board from seven to five indicating the fact that company has no intention of filling the vacuum created by the resignation of SK and CK Birla who had resigned after losing their share to BK Birla and Kumar Manglam.
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