Institutional investors favour all 37 resolutions since November 26: IiAS

During the previous week, institutional investors voted against six resolutions while they favoured 16.

GMM Pfaudler’s resolution seeking amendment in Articles of Association (AoA), Phillips Carbon Black’s resolutions to change its name to PCBL and appointment of independent director and Motherson Sumi Systems’ resolution to approve investments and loans of up to Rs 250 crore in CIM Tools were favoured with the entire votes cast.
GMM Pfaudler’s resolution seeking amendment in Articles of Association (AoA), Phillips Carbon Black’s resolutions to change its name to PCBL and appointment of independent director and Motherson Sumi Systems’ resolution to approve investments and loans of up to Rs 250 crore in CIM Tools were favoured with the entire votes cast.

By Rajesh Kurup

Institutional investors favoured all 37 resolutions since November 26, while 17 of them — including that of Tata Power and Phillips Carbon Black — were approved with a whopping 100% of votes cast.

According to data compiled by proxy advisory firm Institutional Investor Advisory Services India (IiAS), Tata Power’s proposal to merge its wholly-owned subsidiary Coastal Gujarat Power with itself and AAVAS Financiers’ appointment of auditors, among others, were approved by a whopping 100% of institutional investors votes.

GMM Pfaudler’s resolution seeking amendment in Articles of Association (AoA), Phillips Carbon Black’s resolutions to change its name to PCBL and appointment of independent director and Motherson Sumi Systems’ resolution to approve investments and loans of up to Rs 250 crore in CIM Tools were favoured with the entire votes cast.

Two resolutions of TTK Prestige (sub-division of shares and alteration to Capital Clause of Memorandum of Association), four of Gujarat Mineral Development Corporation (remuneration of statutory auditors, adoption of financial statements, approval of dividend), and two of Apollo Pipes (issuance of bonus shares and increase authorised share capital) were passed without opposition.

Home First Finance Company India’s appointment of independent director and Mangalore Refinery & Petrochemicals’ merger of wholly-owned subsidiary ONGC Mangalore Petrochemicals with itself, were among others that were voted for with cent per cent majority.

During the reporting week, Home First Finance’s plans to introduce an Employee Stock Option Scheme was approved with 99.89% of votes, Dr Lal PathLabs’ and Phillips Carbon Black’s resolutions to appoint independent directors were approved with 99.50% and 99.30% of votes, respectively.

Colgate-Palmolive (India)’s resolution to appoint an independent director received the least of the institutional investors’ votes of 52.05%, followed by Phillips Carbon Black (with 58.53% to reappoint managing director) and Kajaria Ceramics (59.49% to give loans to subsidiaries, among others.

During the previous week, institutional investors voted against six resolutions, of which six resolutions were almost wholly voted against, while they favoured 16.

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