Tractors and Farm Equipment Limited, the largest investor in AGCO Corp, on Tuesday again pressed the agricultural machinery maker to refresh its board and consider strategic alternatives as it risks falling further behind its rivals.

Indian tractor manufacturer Tractors and Farm Equipment, known as TAFE, said in a US regulatory filing that it made a presentation to the company in which it outlined AGCO’s weakening long-term competitive position and urged immediate action.

”We believe that material risks exist for AGCO’s shareholders in the inevitable cycle downturn and that the Board should proactively focus on minimizing such risk now,” TAFE, which is AGCO’s largest shareholder with a 16.2 percent stake, said in the presentation.

AGCO was not immediately available for comment.TAFE is calling on the company to appoint three new independent directors to the board, appoint a new lead independent director with strong board experience and form a committee to oversee the execution of a strategic plan.

AGCO’s recent stock price gains have been fueled by macroeconomic tailwinds in the agricultural sector but mask the company’s weakened stature compared with rivals like John Deere and Kutoba, TAFE said. AGCO, which is valued at USD 9.6 billion and is headquartered in Duluth, Georgia, has seen its stock price surge 103 percent in the last 52 weeks and closed trading at USD 129.11 on Tuesday.

”Strategic missteps have resulted in a deteriorating market position in Brazil, continued sub-scale presence in North America (a key market) and an unsuccessful investment initiative in China,” TAFE said in the presentation, which was attached to the regulatory filing.

TAFE, which has previously raised similar concerns with AGCO, has been an owner for seven years and paid an average of USD 48.13 for its stake.