The board of specialist graphite producer Tirupati Graphite has decided to remove Shishir Poddar as a director of the company, with immediate effect. He remains suspended as co-CEO, pending further investigation by the company.

The company on January 15 announced that Poddar had been suspended as co-CEO, pending an investigation but without giving details of what was being investigated.

Tirupati, which owns graphite operations in Madagascar, has had a number of executive and board changes in recent months.

In May 2024, a group of shareholders had sought the removal of Poddar, who was then MD and chairperson, as well as joint-MD Puruvi Poddar and Alastair Bath, from office. The shareholders had put forth a resolution, asking other shareholders to vote for the removal of the three executives and that they be replaced by Mark Rollins, Leo Koot, Isabel de Salis and Murat Dogan Erden as directors.

The shareholders had, in April, sent a letter to Tirupati's board, expressing concern about “a series of events and decisions that have undermined shareholder confidence and led to a noticeable decline in the company’s market performance and valuation".

They were also worried about the earlier resignation of all of Tirupati’s nonexecutive directors, who had cited unresolved issues relating to the company's strategic direction, governance practices and overall performance.

In response, Tirupati made a commitment to restructure the board.

In an effort to improve corporate governance, Tirupati appointed Michael David Lynch-Bell as nonexecutive chairperson on May 31, 2024. At an extraordinary general meeting held in June to consider the resolution put forth by the group of shareholders, Lynch-Bell's appointment was confirmed.

In a further board restructuring, Christian St John-Dennis, Murat Dogan Erden and Anthony James Nieuwenhuys as nonexecutive directors.

The company earlier this months also announced that Nieuwenhuys had been appointed co-CEO alongside Poddar, with the intention that he take over the role of sole CEO in due course.