Ten days after the deal, he broke his silence--exclusively to BT. Having kept his peace for long about the reasons for his family's withdrawal from a company with which he had been associated for 24 long years, Atul Choksey, the 48-year-old former CEO of Asian Paints, gave his first interview about just why he opted out, his relationship with the other promoters, and his future plans, to BT's Chhaya:

On why he withdrew from Asian paints: There is always a combination of reasons. Why go into history now? There is never one reason for such an important decision.

On whether the sell-out was a culmination of his family's gradual disinvestment: The initial gradual disinvestment that you seem to be under the impression of was not really a disinvestment of any kind. All four families had most of their assets invested in Asian Paints. Over a period of several years, we sort of liquidated our holdings, as and when the need for liquidity arose. It was not a planned thing at all. What was perhaps semi-planned is this major offloading. But while we thought it would be best to offload, we ourselves were not sure whether it would be gradual, or at one stroke, because it all depended on the offer that we received. We were not sure ourselves what would be best for us before we entered this deal. When DSP Merrill Lynch got us this offer, we accepted it.

On whether the Chokseys wanted greater representation on the board: No, it made no difference. In any case, my elder brother Girish and younger brother Amit are very busy looking after other companies, which are not related to Asian Paints. So, it wouldn't have mattered at all whether they were on the board of Asian Paints or not. The idea of demanding greater representation is absolutely baseless. I must mention at this point that, contrary to the reports that have appeared, we, the promoters, may have had some differences. But we have no quarrels amongst us.

On the managerial roles played by him and the other three promoters at Asian paints: That you will have to really understand for yourself. It is a fact that I was directly in charge of marketing. It is also a fact that there was some work relating to distribution in my portfolio. But at the same time, I was also in overall charge of the company. All I can say is that everyone played their role in the manner that they could. Some played a major role, some played a minor role, and some an insignificant role. But that's a different issue because in an organisation, that always happens.

On whether the difference of opinion over financing Asian paints' expansion was the starting point of the Chokseys' losing interest in the company: This was one of the points of difference. But it was neither the beginning nor the end. We didn't start losing interest because of this. We took it in our stride, as the majority of shareholders felt differently from us. There were many other issues behind the differences, and I wouldn't say that they were mainly finance-related.

On whether apcotex lattices was spun off as an independent company to provide an alternative vehicle of growth to the Chokseys: Apcotex Lattices was a division of Asian Paints. But it was entirely different from the paints, resins, or other chemicals business we had. The finished product that Apcotex Lattices made went to different customers, the channels of marketing were different, and even in terms of the raw materials required, the technology and the processes, Apcotex Lattices was different. Since it was smaller as compared to the paints division, it was getting lost somewhere in the company. So, we thought that it would be best to provide it a sharper focus by spinning it off as a separate company. That's all.

On changing his mind after the AGM, and deciding to resign immediately as Managing Director: Subsequent to our disinvestment, which really took place soon after the AGM--which I had not completely antICIpated--we thought that it would be best to give the other promoters a free hand in whatever they chose to do. It would not have been fair for me to stand in their way all the time. At the same time, keeping in mind the assurance that I had given to the company's shareholders, I told the board that while I was submitting my resignation, I was prepared to continue for as long as was required to ensure a smooth transition and provide any assistance that was required. It is in this context that I am going to continue here, not as the managing director, but in some other capacity, say, as an advisor. Those details have yet to be worked out--including the time-frame for which my presence will be required. I stand by my assurance.

On whether he knew, or didn't know, the identity of the buyers of his stake: When we gave a mandate to DSP Merrill Lynch for the sale of our stake in Asian Paints, and concluded the deal with them after two days, we really did not bother about--or rather, it was not our concern--who the buyers were. Except that DSP casually mentioned that they were going to place it with some foreign institutional investors. Nor did they ask who the sellers were. Subsequently, when these foreign institutional investors got to know that these were our shares, and the majority of our shares, they must have apprehended that we were not going to continue with the company.

On whether the sellers' identity was not deliberately disclosed to the buyers: No. Actually, that thought (that our realisation from the sale of the stake would then have been much lower) never occurred to us. Nor did DSP Merrill Lynch ask us who the sellers were.

On whether the stake in Asian paints should have been bought by a transnational: What views can I have? The only thing I can say is that whether it is a transnational, or an individual, or an Indian company, that has bought the stake, what is important from the company's point of view is that whoever is here should add value to the company, and to the shareholder at the end of the day.

On whether he would have preferred it if the other promoters had acquired his stake rather than ICI: It is not for me to judge any more what will be better for Asian Paints. My giving you either as a reply will land me in a predicament.

On his plans for the future: I really don't know. Immediately at least, I am planning to take a sabbatical, gaze at the stars, and listen to the birds chirping. Since I have been leading a very hectic life, I am going to take a sabbatical. I am going to take a good break although I will be here to assist them At the moment, there is nothing else on the cards. Frankly, I have no concrete plans.

On joining goodlass nerolac as its CEO: Let me first get the offer. But I must say that I believe in looking at everything with an open mind. In the same breath, I must also add that I am basically a businessman.

On creating another Asian paints: I am not even thinking along those lines. What has been created is with reference to the time gone by, and the context that was available. I don't think anyone should aspire to recreate what has been done in the past. Even an artist does not aspire to recreate the same painting again. So, it is all circumstantial, contextual The only thing I want to do in the future is to be happy, and that is my only hope.

On his feelings on giving Asian paints up: I don't feel anything because we have done exactly what my father wanted. So, from that point of view, we have achieved the last desire that he had. And because of that, I am sure we will get his blessings.

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