Tirupati schedules requisitioned general meeting for June 11
Specialist graphite producer Tirupati Graphite will, on June 11, hold a general meeting to give shareholders the opportunity to vote on a resolution brought by a group of shareholders to replace the current board of directors with new candidates.
Tirupati last month received a letter from Walpole St Andrews Nominees, on behalf of a group of underlying shareholders holding, in aggregate, about 5.8% of Tirupati's issued ordinary share capital, requesting that the company convene a general meeting of shareholders to vote on the removal of chairperson and MD Shishir Poddar, joint-MD Puruvi Poddar and Alastair Bath from office as directors of the company.
The shareholders have proposed that Mark Rollins, Leo Koot, Isabel de Salis and Murat Dogan Erden be appointed as directors of the company.
Tirupati, which has operations in Madagascar, on May 13 urged shareholders not to approve the proposed resolutions. In a statement to shareholders, it acknowledged that it had to make changes to the board structure and composition, saying it was taking urgent steps to appoint a new nonexecutive chairperson, nonexecutive directors and a CFO.
It argued that it did not believe the proposed new directors have the skills needed to operate in the specialist graphite market.
The requisitioning shareholders had, in their letter to the company, highlighted various concerns, including about the sudden exodus of all nonexecutive directors earlier this year and the company's declining share price.
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