Investors seek change in Jyoti Ltd's directors

A group of investors have sought removal of three present directors of Jyoti Ltd alleging mismanagement of the company's affairs.
While repeated queries sent to the company's Chairman and Managing Director Rahulbhai N Amin remained unanswered, Jyoti Ltd had said in a recent stock exchange notification that it has received a notice from an investor group for calling of a shareholders' meet for removal of three directors.
This investors' group of nine entities hold little over 10 per cent of Jyoti Ltd's paid-up capital.
"We have sought the removal of the present directors as company's valuable real estate is being diverted to related entities for personal benefit of promoter and their associates rather than to bring down sky rocketing debts and reduce interest," Dhiren Shah on behalf of investors group said in a statement.

Shah is one of the shareholders who have sought changes in the company's board.
In a recent communication to the Jyoti Ltd's company secretary, the group had alleged that the "company is grossly mismanaged under the leadership of Rahul Amin".

A turnkey solutions provider, Jyoti Ltd mainly focuses on water and power sectors. It is listed on the BSE.
In a regulatory filing made on April 23, the company said it has received a special notice from the shareholders holding 10.21 per cent of the total paid-up share capital "for calling an Extraordinary General Meeting of the company for removal of three existing Directors and appointment of three new directors in their place".

"The company is seeking suitable legal opinion in this matter," the filing had said.
Shares of the company today slipped 1.21 per cent to Rs 65.50 apiece on the BSE whose benchmark Sensex ended down 0.43 per cent at 25,473.89.