Published: Friday March 29, 2013 MYT 1:42:00 PM
Two Kamdar shareholders cite departments' poor performance for ousting directors
KUALA LUMPUR: Two shareholders of Kamdar Group (M) Bhd, who collectively own more than 10% stake, cited the poor performance of two departments as the reason to have three directors replaced.
In a circular to shareholders on Friday, it cited Bipinchandra Balvantrai and Gautam Kamdar Bipinchandra's proposal to remove Kamal Kumar Kishorchandra Kamdar, Rajesh Kumar Gejinder Nath and Liang Ah Wah @ Frank Liang from the board with immediate effect.
The EGM is scheduled to be held on May 2.
Bipinchandra Balvantrai and Gautam Kamdar Bipinchandra hold 56.27 million shares and 7.88 million shares respectively.
"We are not satisfied with the business performance of the company in respect of the two departments presently managed by Kamal Kumar Kishorchandra Kamdar," it said.
The circular alleged that for the past two years, Kamdar's overall business performance for the two departments, the ladies and children, had not been satisfactory.
"We also propose to appoint the proposed new directors to replace Rajesh Kumar and Liang Ah Wah in order to add more experience to the board," the circular said.
Executive chairman Bipinchandra is the single largest shareholder in Kamdar with a 28.91% direct stake.
The second largest shareholder is managing director Kamal Kumar Kishorchandra Kamdar with 12.5%.