Balaji Amines Opportunity

Balaji Amines 5 Independent Directors Resigned

Reason
Filings – Personal Reason / attainment of 75 yr age
CNBC Interview – Completed max term of 10 yrs

But That’s not the case

A quick thread

1/n As per regulatory filings 4 independent directors resigned together due to personal reason and 1 independent director resigned as she is attaining the age of 75 years

2/n But when questioned by @CNBCTV18Live One of the outgoing ID said all IDs have only stepped down due to SEBI regulations, which mandate an independent director to resign if he or she has completed 10 years at that position

Excerpt from IP:

3/n But actually that’s not the case there term of 10 years is getting completed in July-24 instead of now. (Src Annual Report of FY19 – Pg 6 Notice to AGM)(https://www.bseindia.com/bseplus/AnnualReport/530999/5309990319.pdf)
This fact is contrary to what outgoing said in the interview

4/n Its interesting and unusual that IDs have resigned together just because the fact their term is getting completed in after 1 yr.
Why Directors have resigned instead of cessation?
Also the reasons mentioned in regulatory filings are not matching with their interviews