Institutional investors have voted against 4 resolutions with a whopping majority of more than 94%, like that of Reliance Power, considering that September 10. About two resolutions had been voted against with a majority of more than 54%, although 3 resolutions had been withdrawn ahead of the annual common meeting, according to information compiled by proxy advisory firm Institutional Investor Advisory Services India (IiAS). The information says for a total of 211 resolutions, 208 had been authorized, although 3 had been withdrawn. The information is for seven–day period beginning September 10.
Reliance Power’s resolution to adopt monetary statements for the year ended March 31, 2021, had been voted against by 96.17% of the total votes. The firm’s resolution to appoint Chhaya Virani as an independent director for 5 years from September 26, 2020, was voted against with 94.97% of total institutional shareholders votes cast, information showed. Reliance Power’s reappointment of Pathak H D & Associates as statutory auditors for 5 years was also voted against with 94.39% of total votes.
Allcargo Logistics’ resolution to delist shares from the bourses, and withdrawal of ‘Permitted to Trade’ status on the Metropolitan Stock Exchange of India was voted against with a 95.32% votes.
The information shows Sadbhav Infrastructure Project’s sale of stake in subsidiary Maharashtra Border Check Post Network to Adani Road Transport for Rs 1,680 crore was received only 37.43% (62.57% of votes against) of votes in favour. Triveni Turbine’s resolution to reappoint Nikhil Sawhney as vice-chairperson and Managing Director for 5 years and provide a minimum remuneration in excess of 2.5% of net earnings was also supported by only 45.11% (54.89% of votes against) of institutional investors’ votes. The outcomes had been dominated by resolutions that had been withdrawn by Zee Entertainment, ahead of the AGM. The two independent directors of the business resigned just after e-voting for their re-appointment closed, and then the resolutions had been withdrawn, it stated. On September 3, Ceat also withdrew one resolution, which was about 11 days prior to the AGM.
In seven resolutions of Shaily Engineering Plastics, the institutional investors – holding more than 22.6% stake – cast one hundred% of their votes. Cumulatively, institutions voted 90% or more of their shares in 45 resolutions, and 75% or more in 60 resolutions, the information showed.