Protests force Khed Developers to cancel annual GBMhttps://indianexpress.com/article/cities/pune/protests-force-khed-developers-to-cancel-annual-gbm/

Protests force Khed Developers to cancel annual GBM

The site had seen a series of agitations by farmers led by Shetti.

Protests by farmers on Saturday led to cancellation of the extended annual general body meeting (GBM) of Khed Developers Limited in Pune. Led by Swabhimani Paksha MP Raju Shetti, farmers have been demanding that an extraordinary GBM be called and a resolution passed to wind up the company.
Located in Khed taluka of Pune district, the Khed Special Economic Zone (SEZ) is spread over 1,705 hectares. Land was acquired by MIDC in 2006-07 and was to be developed by KEIPL. KEIPL is a joint venture between Bharat Forge Limited (74 per cent) and MIDC( 26 per cent). The site had seen a series of agitations by farmers led by Shetti.

Shetti had alleged that the company failed to fulfill many of its promises to the farmers during land acquisition.One of the main issues was the alleged failure of the company to return 15 per cent of the developed land to them. He had claimed that this was part of the original relief and rehabilitation package offered to farmers but was not met. KEIPL had instead formed another company named KDL using the land bank as capital assets.
Since the agitation, the chief minister had held a series of meetings with all stakeholders. It has been announced that land would be returned to farmers. During the last annual GBM, farmers had claimed that they were assured that an extraordinary GBM would be called to pass the resolution of winding up the company.
The agenda of the extended annual GBM which was sent to shareholders, however, did not have the above resolution in the list of subjects. The farmers stated that instead, the agenda had listed ratification of the appointments of directors. Farmers’ representatives had taken objection to this and a group led by Shetti started agitating outside the venue.

Company officers had initiated talks with Shetti and had claimed that any resolution for winding up the company can only be taken after permission from KEIPL. After negotiations it was decided that the present annual GBM would be called off and at a later date, an extraordinary GBM would be called.