Jagatramkas and associates, majority equity holders in the Calcutta-based Gujarat NRE Coke Ltd (GNCL), in a special board meeting on March 28 in Jamnagar, Gujarat, have withdrawn all powers of the companys directors R L Tamakhuwala and his son Rishi Raj Agarwal.
We have been forced to take this step against the father and son after it was confirmed they had been siphoning off company funds for personal gains and indulging in accounting malpractices, said Arun Kumar Jagatramka, who will take over as the new managing director.
Tamakhuwala, whose term as MD expired on September 30 last year, had been forcibly continuing to represent himself as the MD without being reappointed, Jagatramka said. We have convened an EGM of shareholders on April 29 in which resolutions will be passed to remove father and son from office, he said.
