Tirupati Graphite PLC's (LSE:TGR, OTCQX:TGRHF) incumbent management won the backing of the majority of voting shareholders at Tuesday’s requisitioned general meeting.
Proposals put forward by activist shareholders sought to replace the management with their own nominees, though they could not secure a sufficient proportion of the votes. A total of 48.57mln votes were in favour of retaining chief executive Shishir Poddar, versus 37mln activist votes.
Voting numbers were similar for all proposals put forward by the activist shareholders.
"We are very pleased to have maintained the ongoing support of our shareholders, who understand the significant opportunities ahead for the company, led by the current management team and board of directors,” Shishir Poddar said in a statement.
"With the general meeting now behind us, the company remains focussed on our long-term ambition of providing 8% of the world's global flake graphite demand by 2030, maintaining our step by step growth strategy in sync with the evolving markets for this critical mineral.”
“We look forward to updating stakeholders further on this and our wider financial and strategic progress over coming months."
In a separate statement on Wednesday Tirupati confirmed the appointment of Michael Lynch-Bell as its new chairman.
Lynch-Bell commented: “I am excited to be joining the Boa33333rd of Tirupati Graphite.
“I believe the company's underlying investment case is strong and has significant opportunities for future growth.
“I look forward to working closely with the board and all our stakeholders to help the company achieve its clear potential."