On first of February 2011 Tecnotree (OMXH: TEM1V) said Atul Chopra had been fired. The company cited lack of confidence, disturbance of the group's business and an unspecified claim presented to the company on Atul Chopra’s initiative regarding the Lifetree acquisition as reasons for dismissal at that point.
Couple weeks later the decision was suddenly reversed (although he did not return to the Management Board), but it was clear that the mutual trust had been broken. Tecnotree then started shutting him out of little by little, this time doing so in relative silence.
In October it was first noted deep within the new organization announcement, that Atul Chopra was being replaced by Padma Ravichander as head of Tecnotree Convergence Ltd. (India). The company said that Atul Chopra would focus on his role in the Board of Directors. Several days later the company notified that he had resigned from the Board and would not be seeking re-election
Although as a part of the settlement with Chopra where all Parties agreed to withdraw all claims and acquisitions against one another, former Lifetree shareholders that at the time of the acquisition of Lifetree received Tecnotree (then Tecnomen) shares were given a waiver on the three year halt, as of February 29 2012 Chopra still maintained his shares (directly around 1.6 million and over 1.3 million indirectly via Aparna Advisory Services Private Ltd, totaling somewhat over 4% of all shares according to Tecnotree website).
Today Tecnotree released resolutions of the Annual General Meeting. The company said that that everyone except Atul Chopra was discharged from liability. Tecnotree CEO Kaj Hagros told Kauppalehti, that this stemmed from the fact that Atul Chopra has challenged the settlement agreement in an Indian court. The main issue is money. He has also been very disappointed at the Tecnotree share price development. Atul Chopra is among other things a Bachelor of Laws
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