Tirupati Graphite has received a letter requisitioning a general meeting that proposes a complete overhaul of the graphite company’s board.
Walpole St. Andrews Nominees, speaking for shareholders holding, in aggregate, 5.8% of the shares in issue have called the meeting.
Tirupati added it is taking advice as to the validity of the requisition letter.
The letter has requested that at the requisitioned meeting resolutions will be put to remove the company’s three executive directors Shishir Poddar, Puruvi Poddar and Alastair Bath and replace them with Mark Rollins, Leo Koot, Isabel de Salis and Murat Dogan Erden.
"Shareholders are advised that no action is required at this time", said Tirupati, with further announcements to be made as appropriate.
Shares fell 8.7% to 5.25p.