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Institutional investors dissent resolutions of Zomato, Bajaj Auto with over 50% of votes polled

All resolutions, except those of Apex Frozen Foods, were approved by the votes of entire shareholders, including promoters and others.

Zomato EGM
A resolution of Zomato to approve preferential issuance of 628.5 million were approved by more than 50% of votes.

Institutional investors dissented nearly 18 resolutions, including those of Zomato and Bajaj Auto, with more than 50% of their total votes, while 252 resolutions were favoured with 100% votes.

The Apex Frozen Foods’ resolution to reappoint a whole-time director was disapproved with 93.6% of the total votes cast. However, the motion was defeated based on the total votes (including that of promoters and other shareholders), according to data compiled by proxy advisory firm Institutional Investor Advisory Services India (IiAS).

Although institutional shareholders own just 7.35% in Apex Frozen Foods, they had cast 99.03% (of which 93.6% were against) of their votes. The promoters, who hold 72.6% of equity, did not vote and others (who own over 20%), voted with just 3.3% of their holding, resulting in the resolution being rejected, IiAS said.

Another motion of Apex Frozen Foods to increase overall managerial remuneration was also dissented with 93.6% of institutional shareholders’ votes, while two resolutions of Kamdhenu were voted against with 100% of their total votes, IiAS, which analysed AGM and postal ballot data for the seven-day period from July 22, said.

Two resolutions of restaurant aggregator Zomato (both employee stock option plans) were dissented with 82.3% each of institutional investors’ total votes and one of Indian Metals & Ferro Alloys with 72.2% of votes. Two resolutions of Siyaram Silk Mills — to reappoint Shrikishan D Poddar as executive director and Gaurav P Poddar as president and executive director — were disapproved with 69.8% of institutional investors votes.

They also dissented Bajaj Auto’s motion to reappoint Naushad Forbes as independent director for five years from May 18, 2022, with 68.3% of votes, and another to appoint statutory auditors with 59.1% of votes polled. Two motions of Trident — one seeking changes in Articles of Association and another payment of commission to non-executive chairman and promoter Rajendra Gupta — were dissented with 98.6% and 64.4%, respectively.

Resolutions that were voted against with more than 50% of institutional shareholders’ votes included those by Orient Cement (reappointment of director), Latent View Analytics (ESOPs) and EIH (reappoint of statutory auditors).

All resolutions, except those of Apex Frozen Foods, were approved by the votes of entire shareholders, including promoters and others.

A resolution of Zomato to approve preferential issuance of 628.5 million and nearly five motions of Bajaj Auto, including dividend and appointment of directors, were approved by more than 50% of votes. A total of 252 resolutions, including those of Bajaj Auto, Adani Enterprises, Glaxosmithkline Pharmaceuticals, Adani Total Gas, Adani Ports & Special Economic Zone, Orient Cement and Titan Company, were approved with 100% of votes.

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