Shareholder battle between two Promoter Groups, owning 34.84% and 34.01%, threatens to impact the company and its corporate performance. Manifestation of sibling rivalry and lack of proper wealth sharing plans.
Minority shareholders, with 31.15%, caught in the middle of a battle between two promoter groups that is hurting the company.
Need for separation of management and ownership - A fit case for a new professional Managing Director or Chief Executive Officer to run the company on a day-to-day basis.
Board lacks effective representation of minority shareholders and badly needs a Board overhaul with many independent directors serving for long tenures and an aging Board.
Due to the corporate governance issues, institutional investors staying away from the company, holding only 6.74% shares.
Current management has not contributed to corporate sales and profitability growth.
Management has demonstrated irresponsible behaviour and the company has been severely censured by the National Green Tribunal for illegal discharge of chemicals. NGT has imposed fines and ordered compensation of over Rs. 17 crores on the company.
Several criminal cases filed against the current Managing Director in the last 2 years.
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