London-listed Tirupati Graphite, a specialist producer of flake graphite, is facing shareholder opposition aimed at removing key directors from office.
Shareholders, representing approximately 5.8% of the company’s issued ordinary share capital, are seeking the removal of Chairperson and MD Shishir Poddar, joint-MD Puruvi Poddar, and Alastair Bath, along with the appointment of new directors.
The shareholders expressed concern about recent events and decisions that they believe have undermined confidence in the company and led to a decline in market performance.
They cited the resignation of all nonexecutive directors earlier this year, coupled with a significant drop in Tirupati’s share price, as key indicators of these issues.
In response to these concerns, Tirupati acknowledged the need to address its board structure and composition to ensure compliance with Quoted Companies Alliance standards. The company stated its intention to appoint new nonexecutive directors and a CFO promptly.
While Tirupati defended its transactions with related parties, emphasizing their role in the company’s development, it expressed doubts about the suitability of the proposed replacement directors for the specialized graphite sector.
The company also reiterated its commitment to downstream integration as a strategy for shareholder value creation and ongoing negotiations with PranaGraf to pursue this objective.
