Institutional investors favoured 34 resolutions since November 4, with 18 of them – including that of Mahindra & Mahindra Financial Services – approved with a whopping 100% of votes cast.
According to data compiled by proxy advisory firm Institutional Investor Advisory Services India (IiAS), two resolutions of Mahindra & Mahindra Financial Services (both to appoint joint statutory auditors) were approved with the entire votes cast by institutional investors.
Shilpa Medicare’s resolution seeking approvals for a preferential issue of shares totalling `298 crore to non-promoters, and Procter & Gamble Health’s six resolutions including the declaration of dividends were favoured with the entire votes.
Honda India Power Products’ seven resolutions – including related-party transactions with American Honda Motor and Asian Honda Motor and appointment of a whole-time director – were also passed without opposition.
A resolution of Aster DM Healthcare to appoint an independent director and Akzo Nobel India’s move to appoint an executive director was the others that were voted for with a cent per cent majority.
The resolutions to appoint directors proposed by Transpek Industry were approved by shareholders, however, the voting pattern of institutional investors was not immediately available.
A total of three resolutions of Honda Power India – two related party transactions with Honda Cars India and one seeking shareholders’ approval to provide remuneration to a whole-time director – were voted against by 1% of the institutional investors’ votes.
During the reporting week, Housing Development Finance Corporation’s appointing joint statutory auditor was given a thumbs up with 99.9% of votes, while Tata Steel Long Products’ plans to revise managing director Ashish Anupam’s remuneration was favoured with 99.8% of votes.
Other resolutions that were favoured by the institutional investors were Aster DM Healthcare’s resolution (99.7%) to re-appoint an independent director and Housing Development Finance Corporation’s (99.9%) to appoint a joint statutory auditor.
A resolution of Orient Paper & Industries was voted against with 44.2% but got 55.8% of institutional investors’ votes. Despite the dissent, the resolution was approved.
