Monday, 16 July 2012

Reebok India's Brand Director Sajid Shamim quits


Reebok India Company, which has filed a fraud case against its two top former executives, today said its Brand Director Sajid Shamim has resigned from the company.

"Sajid Shamim, Brand Director-Reebok, has tendered his resignation to pursue his career outside Reebok India," the Adidas-owned Reebok India said in a statement.
Shamim had joined Reebok India in 2000 and has been an important member of the organisation with holding of various key positions in Product Management, Marketing and Sales.    
"In the interim, the operating executives of the company, who previously reported to Sajid, will report to Claus Heckerott -- MD Adidas Group India," the company said.
In May this year, Reebok India had filed an FIR, alleging that its former Managing Director Subhinder Singh Prem and Chief Operating Officer Vishnu Bhagat were involved in a Rs 870-crore fraud by indulging in "criminal conspiracy" and "fraudulent" practices over a period of time.
Both the executives, however, had denied the allegations.

Following this, the Ministry of Corporate Affairs (MCA) had ordered a scrutiny of the books of accounts of the sportswear maker Reebok's Indian arm by the Registrar of Companies. The case was later handed over to the SFIO.

The Income Tax Department too had launched a probe into the finances of Reebok India.
Besides, Institute of Chartered Accountants of India (ICAI) had sought information from the auditors N Narsimhan & Co and the company in order to carry out its own probe into the role of auditors.
Earlier this month, N Narasimhan & Co has informed the ICAI that there was no accounting wrong doing in the company.
http://www.moneycontrol.com/smementor/news/indian-markets/reebok-india%5Cs-brand-director-sajid-shamim-quits-730198.html

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