Shareholders of city-based Sanghi Industries Limited are up in arms against the management for failing to inform them about the annual general meeting (AGM), scheduled on September 29 at Sanghi Nagar on the city outskirts.
On Saturday, over 300 shareholders of Sanghi Industries came together on a forum to highlight their issues. As it not mandatory under the Companies Act, the shareholders have formed a pressure group instead of registering an association.
“We gathered together to raise persistent issues like the management not paying dividends to shareholders despite profits. The management of Sanghi Industries has also mounted high debts to the tune of Rs 1,000 crore. The debts too are not being cleared. Being a listed company, it is obligatory on part of the management to inform the shareholders of the AGM,” Chaitania R Kumar, who is leading the shareholders' campaign, said in a press release.
The shareholders are also angered by the dismal performance of Sanghi Industries.
“We will question the management at the AGM as we feel until confronted, they will not respond to our concerns. They have failed to do so even after we issued a notice on Friday in the print media to highlight our plight,” Chaitania added.
