Institutional investors have voted against four resolutions of Suven Life Sciences and TCM with 100% of their votes cast, while a total of 296 resolutions were favoured with 100% votes.
A resolution of VIP Industries to appoint Pawan Kumar Lilha as non-executive non-independent director was disapproved with 82.2% of their total votes polled. However, the motion was “rejected” 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).
“The resolution was proposed by a shareholder and did not have the management’s support and as voting data shows the institutional investors were also not in favour of the motion,” IiAS said.
A resolution of Suven Life Sciences (related party transaction) and three of TCM (approval for land deals) were also disapproved by the institutional shareholders with 100% of the votes polled. The institutional investors also did not favour 32 resolutions with more than 50% for their votes, IiAS, which analysed AGM and postal ballot data for the seven days from July 29, said.
Two motions of Aarti Drugs (reappointment of director and revision of remuneration to vice president-marketing) were were also voted against 99.1% and 92.6% of votes, while three resolutions of Welspun were disapproved (all related to employee benefits scheme) with 83.7% of votes cast. Another resolution of Welspun (again employee benefits scheme) was disapproved by institutional shareholders with 82.4% of the votes.
HG Infra Engineering’s resolution to approve loans of up to Rs 50 crore were also voted against with 81.9% of votes and that of IFB Industries to appoint Bĳon Nag as executive chairperson for two years saw 80.7% of institutional investors voting against it.
Resolutions of TCI Express (78.9%), Kirloskar Ferrous Industries (74.3%), Gujarat Alkalies & Chemicals (72.6%), Ashok Leyland (67.4%), Spencers Retail (67%), Bajaj Consumer Care (64.8%) and Godrej Agrovet (63.6%) were among others that were dissented. However, all the resolutions, except that of VIP Industries, were approved by the votes of entire shareholders including promoters and others.
About 296 resolutions were supported with the entire 100% votes of institutional investors. These included resolutions of Kirloskar Ferrous Industries, TCM, Aarti Drugs, Welspun Corp, Bajaj Consumer Care and Mahindra Holidays & Resorts India among others. Various resolutions of Zydus Wellness, Axis Bank, Novartis India, TTK Prestige and Piramal Enterprises were also approved by entire institutional investors’ votes.
About 86 resolutions were voted “for” by institutions with more than 99% of their votes, while about 486 resolutions were approved by more than 90% of institutional investors’ votes, IiAS said.