Institutional investors favour 34 resolutions since Nov 6: IiAS

November 16, 2021 3:00 AM

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.

The company is also looking to establish remote development centres (RDCs) in 20 cities across India.Sureties do not cut across banking lines and consume productive collateral or margin money

By Rajesh Kurup
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.

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