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The shareholders of Mangalore Chemicals and Fertilisers Ltd (MCFL) have rejected a proposal to enter into transactions exceeding 10 per cent of its turnover with Zuari Agro Chemicals Ltd, the promoter company which owns a majority stake in the fertiliser entity.
In a filing to the BSE, MCF said the shareholders, at the AGM on September 27, also rejected the proposal to appoint VS Venkataraman as director of the company.
The company, however, will go ahead with the transaction already entered into with Zuari Agro for a value less than ₹300 crore.
Zuari Group, owned by Saroj Poddar, has a 53.03 per cent stake in MCFL, while Vijay Mallya’s UB Group owns an about 22 per cent stake.
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