Atlas Jewellery, which has been in the headlines recently following the arrest of its founder M M Ramachandran for defaulting on repayment of loans worth over Rs 900 crore, is scheduled to hold an annual general meeting on 28 September.

The AGM will see a 'special notice' to expel members Lukoo Sugunan Madathiparambil and Ajith Kovooril Muraleedharan from the board of directors. The move comes after Madathiparambil and Muraleedharan alleged that their appointment to the board happened "without their knowledge". Both of them said that "they were just small-time employees".

Madathiparambil was just a Class X pass out carrying out small-time administrative work at Atlas Jewellery while Muraleedharan's educational qualification was just Plus-II, Indian Express reported. The company had claimed that Muraleedharan possessed a graduate degree in IT with over six years of experience.

Atlas Jewellery has decided to replace the duo with Supratik Chatterjee and Sunil Pant. While Chatterjee has more than 36 years of experience in banking and held various positions at top public sector banks in India, Pant has over 37 years of experience in banking sector. In the recent post he held, Pant worked as the chief general manager of SBI at its corporate office in Mumbai.

The company took back its decision to re-appoint Shrirang Vasant Khadilkar as a non-executive independent director following his recent resignation from the board.

Surprisingly, the AGM notice to shareholders did not mention anything about the arrest of Ramachandran and the debt he owes to banks.