Troubles mount for Finolex Cables ahead of AGM on Tuesday; co blames cousin Prakash Chhabria

Mumbai: Even as proxy advisory firms have flagged corporate governance issues at Finolex Cables and also advised shareholders to vote out three directors at the annual general meeting slated for Tuesday, the company publicly accused Prakash Chhabria, the cousin of Deepak Kisandas Chhabria, of instigating shareholders and creating the controversy.

Proxy advisory firms Stakeholder Empowerment Services (SES) and Ingovern Research have accused the Pune-based Finolex Cables, headed by Deepak Chhabria, of taking its shareholders for a ride by violating many provisions of the Companies Act and Sebi norms and has advised shareholders to reject the reappointments of three directors, PR Barpande, Avinash Shridhar Khare and Firoza Fredoon Kapadia as additional directors who were on board from September 30, 2020.