Logistics and supply chain company Gati Ltd said in a BSE release it has cancelled the proposed Extraordinary General Meeting which was scheduled to be held on September 30.
This development comes in the backdrop of a letter dated September 28, wherein Mahendra Kumar Agarwal submitted his resignation as Director and Managing Director of the company with immediate effect.
In the circumstances, the EGM, called on Allcargo Logistics Ltd’s request for Agarwal’s removal, has become infructuous, said Gati. Consequently, the Gati board decided to cancel the EGM as well as the e-voting scheduled for the issue.
Allcargo had acquired a near 47 per cent stake in Gati earlier this year. On September 4, the Supreme Court had allowed Allcargo to go ahead with an EGM to oust Agarwal.
Gati shares were trading at ₹48.20, down 2 per cent, on the BSE.