The group of investors which had sought the ouster of Nitin Kasliwal as the Chairman of S Kumar's Nationwide (SKNL) withdrew the resolutions at an extra-ordinary general meeting held on Monday. According to proxy advisory firm IiAS, the existing management then inducted four nominees to the board, whose candidature was proposed by the very group that alleged mismanagement and proposed the ouster of Kasliwal.
“Genuine investor voices were hushed – and, if this was not enough drama for one afternoon, there was an attempt to push the Kasliwal family feud onto the agenda,” said proxy firm IiAS today.
A group of shareholders holding 21 per cent of S. Kumars Nationwide Limited (SKumars) had called for an EGM, held on 27 April 2015 – the resolutions comprised removing the existing board of directors and instituting a new board in its place.
The proxy firm said it’s time bankers take control and regulators step in. “All the questions regarding when the AGM is likely to be held, when the long overdue financial statements are likely to be published1, what is the management strategy to pull the company out its current morass were ignored and remained unanswered,” it said.