New Trinity Coal Inc. has accused its former president and CEO Gunjan Gupta of plunging the company into bankruptcy without legal authority.
Gupta, who was one of New Trinity’s two directors, ambushed its other director by unilaterally adopting a bankruptcy resolution on the board’s behalf after sending out a meeting agenda that included only routine items, according to the June 14 lawsuit filed in Delaware Chancery Court.
New Trinity’s second director, Sushil Baid, didn’t dial in to what sounded like an uneventful March 1 meeting because he figured “based on past practices” that Gupta would call him if anything important ...
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