London-listed emerging graphite miner Tirupati Graphite issued a statement to shareholders on June 5, explaining its rationale for appointing specific board members over those suggested by a group of minority shareholders holding a combined 5.8% of company shares.
The minority shareholders have accused Tirupati of dismissing their proposed actions and ignoring certain candidates for executive directorship.
They have called for the removal of Chairperson and MD Shishir Poddar, Joint-MD Puruvi Poddar, and Alastair Bath, advocating instead for the appointment of Mark Rollins, Leo Koot, Isabel de Salis, and Murat Erden as directors.
Tirupati explained that Rollins was recommended as a potential director by Optiva Securities in July 2022, but following due diligence, his candidacy was not accepted.
Similarly, Optiva recommended Erden as a potential executive director for finance. Instead, he was appointed as a nonexecutive director with the responsibility of securing financing for the group.
Disagreements among board members regarding the terms of a possible transaction led to the resignations of Erden and De Salis from the board.
Tirupati recently announced the appointment of Michael Lynch-Bell as nonexecutive chairperson and advised shareholders to vote against all resolutions proposed by the minority group at a general meeting scheduled for June 11.
The company maintains that the proposed replacement directors lack the necessary skills and experience to operate in the specialized graphite sector.
