Former managing director of Maruti Suzuki India, Jagdish Khattar, passed away on Monday morning following a cardiac arrest, according to people close to him. Khattar was appointed to the post of MD of Maruti Udyog Ltd, as per an agreement between the partners, who agreed to appoint their nominee for a three-year term. However, his entrepreneurial venture did not reach the heights of success that he achieved when he was helming Maruti Suzuki. In 2019, he was booked by the CBI along with his company Carnation Auto India Limited for allegedly causing losses of Rs 110 crore to Punjab National Bank (PNB). Khattar had, however, defended himself stating that an exhaustive independent forensic audit at the behest of the bankers did not find any wrongdoings in the functioning of Carnation Auto.

Source: The Telegraph April 26, 2021 10:18 UTC