Gati, a logistics and supply chain solutions provider, announced that its Founder and Managing Director Mahendra Kumar Agarwal has resigned from the post, with immediate effect.
“During board meetings held on September 28, 2020, Mahendra Agarwal, Founder and Managing Director of Gati Ltd, resigned from the Boards of Gati, Gati-KWE, and Gati-Kausar,” the company said in the release.
The company said that it has cancelled the proposed Extraordinary General Meeting which was scheduled to be held on September 30.
“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.
Earlier in 2020, Allcargo had acquired a near 47 percent stake in Gati becoming the single largest shareholder in the company followed by KWE which holds about 3.5 per cent stake. On September 4, the Supreme Court had allowed Allcargo to go ahead with an EGM to oust Agarwal.
Agarwal, who is considered as a pioneer of express cargo business in India, had set up Gati in 1989.
“We acknowledge Agarwal’s efforts to bring Gati to its current position in India’s express distribution market and wish him the best in his future endeavours,” said Shashi Kiran Shetty, Chairman, Allcargo Logistics.
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