Finolex Industries gets shareholders’ approval for all resolutions | The Financial Express

Finolex Industries gets shareholders’ approval for all resolutions

Appointment of Anil V. Whabi and Saumya Chakrabarti as directors of the company with 99.82% (each) of the total votes, and appointment of Walker Chandiok (99.99%) as chartered accountants.

Finolex Industries gets shareholders’ approval for all resolutions
Chhabria, who has been on the board since March 13, 1992, is the executive chairperson and part of the promoter family. Finolex Industries had sought the reappointment of Chhabria as chairman (designated as executive director) for five years from December 2021 to November 30, 2026.

Shareholders of Finolex Industries have approved all the 12 resolutions of the Pune-based firm with the majority of their votes cast, including the reappointment of Prakash P Chhabria as its chairman. Earlier, two proxy advisory firms had recommended shareholders vote against several resolutions, citing reasons including “high” remunerations.

The reappointment of Chhabria was approved with 93.16% of the total votes polled, with public institutions supporting the motion with 63.91% of their votes. The promoters’ group also supported the motion with 100% of their votes cast, according to the scrutiniser’s report filed by the company on Wednesday.

Chhabria, who has been on the board since March 13, 1992, is the executive chairperson and part of the promoter family. Finolex Industries had sought the reappointment of Chhabria as chairman (designated as executive director) for five years from December 2021 to November 30, 2026.

The shareholders also approved the reappointment of Sanjay S. Math as managing director for six months from December 1, 2021, to May 31, 2022, and payment of remuneration with 99.99% of the total votes cast.

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Appointment of Anil V. Whabi and Saumya Chakrabarti as directors of the company with 99.82% (each) of the total votes, and appointment of Walker Chandiok (99.99%) as chartered accountants.

In all, Finolex Industries’ 12 resolutions — including the adoption of financial statements, declaration of dividends, the appointment of directors and issue of non-convertible debt securities among others – were also approved by the shareholders. The company has sought approvals for all resolutions at its annual general meeting held on Tuesday.

Two proxy advisory firms — Institutional Investor Advisory Services (IiAS) and Stakeholders Empowerment Services (SES) — earlier advised Finolex Industries’ shareholders to vote against several resolutions, including the reappointment of Chhabria.

The advisory firms had stated “high”, “skewed remuneration” and “guaranteed commission proposed” for their objections. IiAS asked shareholders to vote against the appointment of Chhabria, while it supported all other motions, and SES sought disapproval of three motions including the reappointment of Sanjay S. Math as managing director as “a guaranteed commission in form of variable pay” has been proposed.

InGovern Research Services, another proxy advisory firm, had asked shareholders to approve all 12 resolutions.

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