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Ujjivan Financial slips after shareholders reject Samit Ghosh as MD & CEO

Capital Market 

Ujjivan Financial Services fell 1.57% to Rs 204.10 after a special resolution to appoint Samit Ghosh as MD and CEO of the company was defeated as it didn't get the requisite share of votes.

As per the regulatory filing, the company had put to vote a special resolution to appoint Samit Ghosh as the managing director and chief executive officer of Ujjivan Financial Services for a period of 3 years w.e.f. 1 May 2021.

The proposal only garnered 70.5271% votes in favour while 29.4729% votes were casted against the proposal. Since this was a special resolution, it needs 75% votes in favour to be passed.

Another special resolution to approve the re-appointment of Abhijit Sen as an independent director of the company for a period of 5 years w.e.f. 13 September 2021, was also defeated. The proposal only garnered 70.5815% votes in favour while 29.4185% votes were casted against the proposal.

Ujjivan Financial Services is a non-banking finance company engaged in the micro finance lending business.

The company reported a consolidated net loss of Rs 408.81 crore in Q3 FY21 as compared to a net profit of Rs 72 crore in Q3 FY20. Total income during the quarter rose 3.6% YoY to Rs 792.08 crore.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Fri, April 30 2021. 12:55 IST