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New Delhi:
Shareholders of Majestic Auto Ltd have rejected re-appointment of Aashima Munjal, daughter of the corporate’s Chairman and Managing Director Mahesh Munjal, as a Wholetime Director and Joint Managing Director for a interval of 5 years, based on a regulatory submitting by the agency. The corporate, which is now into actual property and facility administration providers having transitioned from being a moped and auto parts maker, had sought re-appointment of Aashima Munjal as a Wholetime Director and Joint Managing Director as her tenure expired on September 30, 2021.Majestic Auto had sought nod from the shareholders at its AGM held on November 29, 2021 for her reappointment with impact from October 1, 2021 for a interval of 5 years until September 30, 2026, with out remuneration.
Nevertheless, in a regulatory submitting the corporate mentioned the abnormal decision for her re-appointment was rejected with 91.07 per cent of votes towards the proposal and solely 8.93 per cent in favour.
Aashima Munjal had joined Majestic Auto on August 14, 2010 as Director. She can be Managing Director of Majestic IT Providers Ltd, a completely owned subsidiary.
The shareholders have, nevertheless, authorized the re-appointment and remuneration of its CMD Mahesh Munjal for a interval of three years with impact from October 29, 2021 via a particular decision.
Additionally, the reappointment of Aayush Munjal, son of Mahesh Munjal, as Wholetime Director and designate him as Joint Managing Director for a interval of 5 years from August 14, 2021, was authorized by the shareholders.
Earlier on this 12 months, a requisition from shareholders together with promoters on March, 10, 2021 to carry extraordinary normal assembly (EGM) for appointment of Anil Thapar, Sanjeev Krishna Sharma and Yogendra Kumar Gupta as unbiased administrators, was rejected as 4 administrators, together with Aashima Munjal voted towards calling the EGM.
Nevertheless, three administrators specifically Mahesh Munjal, Anil Sharma and Aayush Munjal had voted in favour of calling the EGM.
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It has additionally appointed advertising strategist and entrepreneur Vasudha Dinodia on the board as an unbiased director.
To be able to help in enterprise continuity and a seamless transition, the Board has requested Dheeraj Hinduja to step in as Government Chairman with instant impact. The Board will meet shortly to resolve on the additional plan of action for figuring out the subsequent CEO and MD, the corporate mentioned.
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