Tirupati Graphite, a graphite producer listed on the London Stock Exchange, has announced plans to overhaul its management structure in response to shareholder concerns over corporate governance. The company’s executive chair, Shishir Poddar, will be splitting his role, with new independent appointments to the board expected in the near future.
In a statement, Poddar commented, “We are making good progress on this front with announcements expected in the near future regarding board composition changes.” He also mentioned the company’s intention to split the role of CEO and executive chair, with the appointment of a new non-executive chairman. Poddar himself will take on the role of CEO, and the company is also seeking a London-based chief financial officer.
Tirupati Graphite has received a general meeting requisition notice from a group holding 5.8% of the shares, proposing to replace most of the current board. The company stated that it would announce its response to this shortly.
Despite facing working capital constraints, the company reported a 70% increase in sales revenue for the year ending March 2024, reaching £4.9 million. Production also increased by 49% to 7,096 tons, driven by a debottlenecking programme. Poddar emphasized the company’s growth in commercial production despite the challenges posed by working capital limitations.
Tirupati Graphite is actively engaging with professional investors and high-net-worth individuals to address the working capital gap and drive future growth. Investors and stakeholders are eagerly awaiting further developments as the company navigates this period of transition and seeks to strengthen its governance structure.
