IFGL Refractories: 2 Nominee Directors of Krosaki Harima Resign before EGM Called by Promoter Bajoria Group

The tussle for exclusive right to manufacture alumina graphite (AG) refractories in India resulted in the resignation of two nominee directors of Krosaki Harima Corp (KHC) from Bajoria group company IFGL Refractories Ltd just before the extraordinary general meeting (EGM). Bajoria Financial Services Pvt Ltd (BFSPL), which holds a 51.21% stake in IFGL Refractories, has called for the EGM to remove KHC representatives Tetsuo Tsuzuki and Yuji Yamaguchi as directors of the Indian company. Citing a breach by KHC earlier this month, Bajoria Holdings Pvt Ltd says it has terminated its memorandum of understanding (MoU) with the Japanese company. BFSPL, in a letter to IFGL Refractories, says, "Despite objections from IFGL and the Bajoria group (as promoter shareholders), KHC, through TRL Krosaki Ltd (TRLK), commissioned an AG refractory plant on 7 March 2022 in Odisha, India. KHC's overall conduct, including its decision to manufacture AG refractories through TRLK in India, has resulted in a serious conflict of interest and will cause irreparable damage to the immediate and long-term business of IFGL if the MOU is not terminated. "