An objection regarding the outcome of the meeting, filed by Director, Bipin Rathod, said that there were "heated arguments" exchanged between Chairman and Managing Director Dhirendra Singh and new directors along with the representative of Finquest Financial Solutions during meeting.
"Dhirendra Singh vehemently disagreed on the new issues raised in the meeting and made it loud and clear that if the meeting is to be conducted in such manner, he is leaving the meeting. Dhirendra Singh left the meeting after declaring the same to all present there and only for the reason that there was disagreement on all the issues proposed," the company said in an exchange filing.
"During the original meeting, suddenly new agenda in respect of Forensic Audit was raised by Ajay Agarwal (who was not even the invitee of the meeting but participated on behalf of Finquest Financial Solutions along with Bharat Patel, Hardik Patel, BSP Murthy and Vishal Sood) during the meeting. The point of Forensic Audit were not on the agenda of the meeting..."
"Dhirendra Singh, being the Chairman of the meeting, did not consent to the new proposed resolution of Forensic Audit as an agenda of meeting due to the manner in which the meeting took place and due to the fact that non-board members were participating actively. Price sensitive information were discussed during the meeting in presence of non-board members which were present along with Bipin Rathod."
Rathod also alleged that "it is an intentional act on part of Finquest Financial Solutions to conduct a fresh meeting without informing the affected party and trying to pass an agenda which will affect Dhirendra Singh. Such act is with malafide intention. The effect of such passing Forensic Audit and Call Option cannot be acted upon by the Company."
( With inputs from IANS )