Mahendra Agarwal resigns as Gati’s MD; EGM for his removal cancelled
September 29, 2020: During board meetings held on September 28, 2020, Mahendra Agarwal, founder and managing director of Hyderabad-based Gati, resigned from the boards of Gati, Gati-KWE, and Gati-Kausar.
September 29, 2020: During board meetings held on September 28, 2020, Mahendra Kumar Agarwal, founder and managing director of Hyderabad-based Gati, resigned from the boards of Gati, Gati-KWE, and Gati-Kausar.
The company in its BSE filing noted, "the Extraordinary General Meeting (EGM) of the members of the company, called on the requisition of Allcargo Logistics, for removal of Mahendra Kumar Agarwal as director and managing director, which is scheduled to be held on Wednesday, September 30, 2020, has become infructuous."
While formally accepting his resignation, members of all 3 boards duly noted his contribution to Gati’s growth and success and thanked him for his services over the years.
Agarwal is considered as a pioneer of express cargo business in India and had set up Gati in 1989. Over the course of 30 years, he managed to take the company to heights. Owing to these recent developments, the ongoing court case has been rendered infructuous and is now being withdrawn.
Shashi Kiran Shetty, chairman, Allcargo Logistics, who took over the reins as Gati’s chairman in July 2020 said, “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.”
After concluding its strategic acquisition of Gati, Allcargo Logistics now holds a controlling stake in the company along with the inclusion of some of its senior leaders and board members into Gati’s board.
Established in 1989, Gati has been India’s express distribution pioneer and a frontrunner in numerous value-added services. Today it is one of India’s premier companies offering surface and air express along with first and last-mile logistics, supply chain management, and warehousing solutions for marquee customers across diverse industry sectors. Gati’s extensive domestic network spans more than 19,800 PIN Codes across 735 out of India’s 739 districts.
Combining the strengths of Allcargo’s excellence in NVOCC, CFS-ICD, project logistics, contract logistics, and a global network operating in more than 160 countries with Gati’s existing expertise, this collaboration opens up avenues for both organisations to broaden business horizons and enhance the scope of products and services offered.
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