He said that he would be submitting the elections results for constituting the new board to the high court and let the court decide on the vexed issue of new investors' voting rights. These new investors were allowed to cast vote today for the composition of the board, but their validity will be decided by the court on June 9.
The new investors are: Ram-esh Vangal (Katra Holdings) with 3.64 per cent stake, Rajat Gupta (4.95 per cent), Ravi S Trehan (1 per cent) , Kameham-eha Mauritius (0.71 per cent), Cuna Group Mauritius (0.71 per cent), FI Investments Mauritius (1.90 per cent), Swiss Re Investors (3.56 per cent), Gokul Patnaik (3.72 per cent) and Vector Program (4.73 per cent).
The TMB AGM was held today after a gap of three years. The general meeting of shareholders for the last three years was held at Tuticorin in line with orders issued by the Madras HC and at this meeting the election for the new 10-member board was also held.
Balasubramanian is expected to submit the election results with the court on Saturday or Monday. The existing board (with the two RBI nominees abstaining) had passed two resolutions restricting the voting rights of the new investors to just 10 per cent.
The court's decision will determine whether the present directors will remain or a new set of directors will take their place. For 10 positions, there are 29 contestants representing three different groups.