Supply chain solutions provider Gati Ltd on Tuesday said its founder and Managing Director Mahendra Agarwal has resigned from the board.
Agarwal has also resigned from the board of Gati-KWE and Gati-Kausar, a release said.
“During board meetings held on September 28, 2020, Mahendra Agarwal, Founder and Managing Director of Gati Ltd, resigned from the Boards of Gati, Gati-KWE, and Gati-Kausar,” the company said in the release.
Allcargo Logistics is now the promoter and single-largest shareholder of the Hyderabad-based Gati Ltd with 47 per cent ownership, followed by KWE with about 3.5 per cent share in the company.
“We acknowledge Agarwal’s efforts to bring Gati to its current position in India’s express distribution market and wish him the best in his future endeavours,” said Shashi Kiran Shetty, Chairman, Allcargo Logistics.
While Gati-KWE is a 70:30 joint venture between Gati and Kintetsu World Express (KWE), which is a part of Japan’s Kintetsu Group Holdings, Gati Kausar is the cold chain solutions vertical of the Hyderabad-based firm.
Agarwal, who is considered as a pioneer of express cargo business in India, had set up Gati in 1989.
“Owing to these recent developments, the ongoing court case has been rendered infructuous and is now being withdrawn,” the company said.
Gati’s extensive network spans more than 19,800 PIN Codes across 735 out of India’s 739 districts.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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