Bumi's share price has suffered from the ensuing fallout, plunging 25 percent in 2012 on news that there were "financial irregularities" at PT Bumi Resources, in which Bumi owns a 29 percent stake.
The company announced earlier this month that it lost $632 million in the nine-months to September 2012 on the back of substantial derivatives losses. Operating profit slumped 60 percent for the period to $312 million.
Rothschild's latest plan to revive the company includes a revamp of the board of directors and the removal of 12 out of 14 directors.
(Read more: Bakries May Scrap Bumi Exit Plan if Rothschild Returns)
Rothschild also attacked the appointment of Eko Budianto as chief executive at Berau Coal, a company that is majority-owned by Bumi. Rothschild claimed Budianto was "unfit and had a chequered reputation" adding he "had no mining experience whatsoever."
"You have to contrast Budianto with others…he has no operational mining experience whatsoever, he has worked with the Bakrie concert party for three years and his ties with the family go back ten years," Rothschild said.
A "concert party" refers to a group of shareholders that buys shares with the aim of influencing or taking control of a company.
Bumi said it will hold an extraordinary general meeting on February 21 to vote on Rothschild's proposals with the unanimous recommendation that all proposals are opposed.
Bumi's London-listed shares traded down 3.3 percent on Tuesday morning.
By CNBC's Shai Ahmed; Follow her on Twitter @shaicnbc