Shareholder row in Sarabhai AGM

Shareholders said they had not received agenda or notice of AGM of Ambalal Sarabhai which was required as per legal provisions.

The Annual general meeting (AGM) of the Ambalal Sarabhai Enterprises ltd (ASEL) presided over by its chairman Kartikey Sarabhai held here,had to be adjourned after several shareholders who are also employees of Sarabhai Chemicals limited,took objections on its validity and forced its adjournment.

After the AGM,Subodh Pradhan general secretary of the Sarabhai chemicals union and a share holder of the company said “about 100 share holders present in the meeting,protested when the directors of this company sitting on dias tried to move several resolutions including extension of terms of the directors after expiry of their terms and appointment of auditors.”

Pradhan alleged that he and others who are shareholders of the company,had not received agenda or notice of AGM of the company which was required as per legal provisions.

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After learning through other sources,we had reached CC Mehta auditorium the venue of AGM,Pradhan said.

Pradhan also charged that the company had failed in producing its balancesheet and profit and loss accounts saying these documents of statements are mandatory for getting approved in the AGM.