Of the total 982 resolutions that IiAS tracked, voting data was available for 966, of which nine were rejected by shareholders.
By Rajesh Kurup
Institutional investors disapproved a total of nine resolutions since September 24, including five of Globus Spirits that were voted against with a whopping 100% majority. According to the data compiled by proxy advisory firm Institutional Investor Advisory Services India (IiAS), Birla Corporation’s resolution to appoint Rameshwar Singh Thakur as non-executive non-independent director was voted against with an 87.2% majority of votes cast.
Two resolutions of Kajaria Ceramics – appointment of Dev Datt Rishi as an independent director and giving loans to subsidiaries – were rejected with 56.9% and 87.2% votes, respectively. The resolutions of Globus Spirits that were not in favour of institutional shareholders were all related party transactions, according to the data for seven days starting September 24.
Of the total nine, eight resolutions that got thumbs down from institutional shareholders were also rejected when the total votes cast were taken into account. A resolution of IRCON International to approve alteration in the objects Clause of the Memorandum of Association received 100% of institutional shareholders votes. However, the resolution was rejected as other shareholders voted against it.
The voting outcome of some of the resolutions such as RailTel Corporation of India came as a surprise, IiAs said.
RailTel’s resolution to reappoint Ashutosh Vasant, against whom the proxy advisory firm had raised concerns, was passed. IiAS has alleged that Vasant had not attended board meetings in FY21 since his charge was removed and no agenda papers were shared with him.
Of the total 982 resolutions that IiAS tracked, voting data was available for 966, of which nine were rejected by shareholders. The balance of 959 resolutions was approved, while exchange filings show another 16 were also approved.
Investors voted with more than 90% of their holding in 233 resolutions, with 22 instances all 100% of votes cast. The institutions voted with less than 10% of their shares in 16 resolutions.
About 827 resolutions received more than 90% in their favour, of which 510 were voted for with a whopping 100% of total votes. More than 75% of votes were cast against 44 resolutions, of which 23% was voted against with 100% of votes, the data showed.