Mallya’s absence felt at MCF annual meeting story for biz news

Bengaluru: Absence of flamboyant tycoon Vijay Mallya at the annual general meeting (AGM) of Mangalore Chemical Fertilisers Ltd (MCF) on Tuesday here was felt by its shareholders.
Though Mallya was said to be in the city, he stayed away from the company’s 48th AGM, as had resigned from its director post in November 2014, after being its chairman for over 24 years since he took control of it in 1991.
“This is the first AGM where Mallya was absent since he took control of the company over two decades ago and became its chairman,” said a shareholder, as the meeting concluded in about 30 minutes.
The AGM proceedings, including voting for dozen resolutions were went through one after another in 20 minutes, as no shareholder opposed them.
Company director S.R. Gupta, who chaired the AGM, told the investors that the results of the voting would be declared by Thursday.
“Mallya’s charisma was missing at the AGM. Without him as chairman, there is no charm in attending the AGM. He rebuilt the company and turned it profitable,” another shareholder recalled.
The Saroj Poddar-led Zuari group, which took control of the Mangalore-based MCF from Mallya, nominated three new directors — Akshay Poddar, Kapil Mehan and Suresh Krishnan — on the board.
Arun Duggal and Narendra Mairpady were also voted as independent directors on the board at the meeting, held in the UB City of Mallya, where United Breweries Ltd’s corporate office is located.
The Gurgaon-based Zuari Fertilisers and Chemicals Ltd, a subsidiary of Zuari Agro Chemicals Ltd, gained control of MCF after it acquired 36.56 percent of the paid-up capital, taking its shareholding to 53.03 percent in May.
Mallya’s UB group holds 21.98 percent equity stake in the company and is considered a co-promoter as the Pune-based Deepak Fertilisers Ltd offloaded its stake after losing the takeover battle with Zuari.
The company’s turnover for last fiscal (2014-15) was Rs.2,579 crore as against Rs.200 crore when Mallya took over in 1991.