Jagdish Khattar, former managing director of Maruti Udyog Limited, passed away due to a cardiac arrest on Monday, April 26.
Maruti Suzuki Chairman RC Bhargava confirmed Khattar’s death to CNBC-TV18 and said it is a deep personal loss. “This is a deep personal loss and has come as a big shock. We had worked together for many years. He is someone who had done a lot of good for Maruti,” Bhargava told the publication.
He had been an officer of the Indian Administrative Service (IAS) with more than 37 years of experience.
Khattar, served in Maruti Udyog Limited from 1993 to 2007. He joined Maruti in July 1993 as director (marketing), and went on to become Managing Director in 1999, first as government nominee, and then in May 2002, as Suzuki Motor Corporation (SMC) nominee. His last day at Maruti as MD, at age 65, was on December 18, 2007.
After he discontinued from Maruti Suzuki, Khattar set up an independent multi-brand pan India sales and service network in the automobile sector. Khattar launched Carnation Auto in 2008.
Khattar was involved in a controversy in 2019 when the Central Bureau of Investigation booked him for alleged bank fraud to the tune of Rs 110 crore by Carnation Auto India.
In response to the charges against him, Khattar said, “Carnation is a bona fide business failure. There is no wrongdoing. A detailed forensic audit was conducted earlier this year by a leading independent auditor and nothing amiss was found. The bank (PNB) has now referred it to CBI as a part of the process followed by them. Search was conducted by CBI but nothing incriminating was found. We will be vindicated once the investigation is completed.”