Why do you think the current board is unfit to run Tirupati?28 Apr 2024 11:56
BELOW IS THE FIRST QUESTION AND ANSWER BY THE TWITTER GROUP
Why do you think the current board is unfit to run Tirupati?
We are concerned about the centralising power within the Poddar family and their circle.
• Mr. Poddar holds the dual role of Managing Director and Chairman.
• Mr. Poddar’s daughter, Puruvi Poddar, aged 27, is joint Managing Director.
• Alastair Bath, a 28-year-old associate employee, and staunch supporter of Mr. Poddar, is an executive director.
• There are no independent non-executive directors.
We believe that there has been minimal oversight over the operations.
• Mr. Poddar’s engagement with TG’s primary operations in Madagascar was limited to only two visits: the first occurring before the IPO in 2019, and the second in February 2024—five years later.
TG continues to face constant cash flow crisis affecting its staff, suppliers, and reputation.
• Despite GBP5 million being raised in 2021 to integrate the downstream business operations—also owned by the Poddar family—there been no progress on this front.
• There are significant signs that the company no longer has access to the London debt and capital markets.