Board of Finoflex Cables two directors as fallout of feud among promoters

Promoter tussle at Finolex Cables has led to the rejection of two directors. Over 93 percent of promoter votes were cast against the resolutions ratifying the appointment of two directors. Two opposing camps led by Prakash and his cousin Deepak Chhabria have been battling for more than seven years over control of the Rs 16,000 crore firm. They have been voting against proposals backed by their rival camps.

Finoflex is the second listed firms in recent times, in addition to Hikal, where the Hiremath and Kalyani families are feuding, where discord led to the rejection of board members. These raise questions over interests of minority shareholders and concerns over corporate governance. Moneycontrol