On 22 April 2009, the ACCC accepted the undertaking of Manoj Kumar Patnaik, a director of Toll Holdings Ltd and/or its related bodies corporate.
Under the undertaking Manoj Kumar Patnaik agrees to sell down any interest he has in Asciano Limited and thereafter maintain his independence from Asciano.
In addition, Manoj Kumar Patnaik must immediately resign from all positions within Toll, and take no further part in the company if he ceases to meet the requisite standards of independence.
The undertaking is associated with the fifth variation, accepted by the ACCC on 18 April 2007, to the undertaking given by Toll to the ACCC on 11 March 2006. The fifth variation relates to Toll’s restructure of its group businesses by way of scheme of arrangement to create a new listed entity and trust, Asciano.
The ACCC's decision to consent to the fifth variation is given effect through the following documents:
a variation to Toll's undertakings
a new undertaking from Asciano Limited
new undertakings from the directors of Toll and Asciano.
A copy of those documents can be viewed on the ACCC’s website.
