Post Date : January 9, 2020
Gati announced on Wednesday that it had received overwhelming support from its shareholders, with over 87% of them voting in favour of the proposed stake sale to AllCargo Logistics, amid strong attempts to hold back the deal by a section of the promoter family of Gati.
During a special general meeting held on Wednesday, a whopping 87.53 percent of shareholders voted in support of the deal, Gati said in a BSE filing.
Just last month, Gati’s founder Mr Mahender Agarwal’s family had met SEBI against AllCargo’s open offer to buy additional 26 percent shares of GATI as part of the deal, citing several court cases against Agarwal and a court order to attach his 1.6 million shares.
Last December, AllCargo had announced its plans to acquire around 44 percent controlling stake in Gati for nearly ₹416 crore, marking its entry into the express logistics market.
It should be mentioned that last year on December 5, Agarwal’s wife and two sons had secured an order from a local Hyderabad court, which directed the attaching 1.6 million of his 5.9 million or 5.9 percent stake in the company.
Consequently, the family moved the SEBI, seeking to stay the transaction.