DGJG election delayed to next month

Members of the Dubai Gold and Jewellery Group (DGJG), which represents the multi-million dollar gold trade in the city, will vote on July 10 to elect a new executive committee (2010-12) and a new chairman to replace Tawheed Abdulla, the former Damas CEO who has stepped down from the company following a regulatory issue with the Dubai International Financial Centre.

Abdullah quit as CEO after allegedly spending company money without shareholder approval. Elected unanimously two years ago, he has decided not to contest again for the position of DGJG chairman. The voting for a new head was to be held on June 13, but many leading members of the association failed to turn up on that date. Sources in the DGJG, a body representing 7,000-odd gold merchants in Dubai, said less than half of the members were present for voting.

The voting was to be conducted on the same day as the DGJG annual general meeting at the Dubai Chamber of Commerce and Industry. Jatin Shah, Chief Election Commissioner, and Swpna Nair, DGJG General Manger, confirmed the rescheduled date. "Due to the summer season, some members did not attend the AGM," said a source in the DGJG.

The AGM agenda included a review of the annual report by the managing director and a review and approval of the audited financial statement for the year ended December 31, 2009; call of election by the chairman; election commissioner's report; and election of 14 members to the board of directors, who in turn would elect a new chairman.

While Abdullah is not contesting, the new candidates' panel includes a Damas nominee, Anan Fakhreddin, who is now the Damas CEO.

There are 21 candidates contesting for 14 board of directors positions. They include Amit Dhamani (Dhamani Jewels); Anan Fakhreddin (Damas Jewellery); Anurag Sinham (Al Liali Jewellery); Babu John (Sky Jewellery); Chandu Siroya (Siroya Jewellery); Chetan Karani (Pearl Enterprises); Chetan Vaya (Mukund Jewellery), Chirag Vora (Bafleh Jewellery); Dieya Al Saudi (Baghdad Jewellery); John Paul Alukkas (Alukkas Jewellery); Khaled Al Marzooqi (Al Badia Jewellery); Mahesh V Sagar (VH Jewellers); Mehran Mahallati (Mahallati Jewellery); Mohd Akram (Arshi Jewellery); Paresh Dhanak (Dhanak Jewellery); Praveen Kumar (Ocean Jewellery); Puneet Kapur (Posh Jewellery); Seema Shetty (Arabian Jewellery); Srikanth Ramachandran (Atlas Jewellery); Sunny Chittilappally (Chittilappally Jewellers); and Tarek El Mdoka (Kaloti Jewellery).

The 14 winners will head various subcommittees. Voting members will select a minimum of 11 candidates' names and a maximum of 14 and place these into the ballot envelopes.

The voters have to produce a valid photo ID and proxy voters, who can vote on behalf of jewellery outlet owners, will have to present proxy forms by July 6.

Companies that have multiple member outlets registered with DGJG will have to bring multiple voters. Registration and voting timing are restricted from 1 pm to 5 pm.

Formed with the support of the Dubai Department of Economic Development in 1996, the DGJG is a trade association with over 700 members representing all sectors of the trade, including bullion trade, manufacturing, wholesale and retail.

The group has since then evolved into a prestigious trade body committed to developing and sustaining Dubai's status as the 'City of Gold'. It also leads the campaign to position Dubai as 'The Jewellery Destination of the World'.

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