London-listed Tirupati Graphite has appointed Anthony James Nieuwenhuys as executive director and co-CEO alongside Shishir Poddar in anticipation of a full executive power transfer to Nieuwenhuys in due course.

The board has directed that all necessary information and documentation, including system access and administrative control, is transferred to the board and appropriate senior executive management team members, to enhance transparency and corporate governance going forward.

The company is in advanced stages of discussions with a candidate for an interim-CFO to be based in London and intends to make an appointment in due course.

Tirupati has also appointed to its senior executive management team Dr Uday Singh as project director for Madagascar and Mozambique, Harshit Poddar as head of sales and marketing, and Alastair Bath as head of special projects and corporate communications.

Moreover, the company says it has engaged an experienced and qualified mining industry accounting and finance professional, located in India, who will support the ongoing audit and administer relevant parts of the company's financial system going forward.

Tirupati has also established an advisory committee that will comprise industry and financial experts in certain fields, including Takis Efstathiou and Hemant Poddar, to support the company with expert advise on an ongoing basis.

Tirupati in December announced a restructuring of its board, which included the appointments of Michael Lynch-Bell as nonexecutive chairperson, as well as Niewenhuys, Murat Erden and Christan St John-Dennis as nonexuective directors, following a shareholder-requisitioned extraordinary general meeting.

A group of shareholders holding 5.8% of Tirupati’s ordinary share capital in April requested that the company convene such a meeting, in efforts to remove then chairperson Shishir Poddar as chairperson, as well as Puruvi and Bath as directors.

The requisitioning shareholders had expressed concern about the resignation, earlier in the year, of various directors from the Tirupati board.

Tirupati in May acknowledged that its board structure and composition were not ideal and it committed to taking urgent steps to appoint a new nonexecutive chairperson, other nonexecutive directors and a CFO for the company.

Once the board has been restructured, the company will pursue a fundraise to progress expansion of its graphite projects in Madagascar.