Kesoram AGM: Shareholder proposes handing over firm to Kumar Birla

For the year ended March 31, 2018, Kesoram posted a loss of Rs 4.63 billion

Basant Kumar Birla-promoted Kesoram Industries, for the first time in many years, faced a stormy annual general meeting (AGM) on Friday.

Sharp exchanges between shareholders, repeated mentions of poor company performance, allegations of loss to minority shareholders and a demand that the company be handed over to Basant Kumar Birla's grandson, Kumar Mangalam Birla, made the 99th AGM unprecedented in more ways than one.

Things started with Janardhan Kothari, a minority shareholder, alleging closely-linked transactions among Kesoram Industries, Kesoram Textile Mills, Manav Investments and Camden Industries.

Kothari’s main point was that Camden had made huge profits at the expense of