Institutional investors have voted against four resolutions with a whopping majority of over 94%, including that of Reliance Power, since September 10. About two resolutions were voted against with a majority of more than 54%, while three resolutions were withdrawn ahead of the annual general meeting, according to data compiled by proxy advisory firm Institutional Investor Advisory Services India (IiAS). The data says for a total of 211 resolutions, 208 were approved, while three were withdrawn. The data is for seven–day period starting September 10.
Reliance Power’s resolution to adopt financial statements for the year ended March 31, 2021, were voted against by 96.17% of the total votes. The firm’s resolution to appoint Chhaya Virani as an independent director for five years from September 26, 2020, was voted against with 94.97% of total institutional shareholders votes cast, data showed. Reliance Power’s reappointment of Pathak H D & Associates as statutory auditors for five years was also voted against with 94.39% of total votes.
Allcargo Logistics’ resolution to delist shares from the bourses, and withdrawal of ‘Permitted to Trade’ status on the Metropolitan Stock Exchange of India was voted against with a 95.32% votes.
The data shows Sadbhav Infrastructure Project’s sale of stake in subsidiary Maharashtra Border Check Post Network to Adani Road Transport for Rs 1,680 crore was received only 37.43% (62.57% of votes against) of votes in favour. Triveni Turbine’s resolution to reappoint Nikhil Sawhney as vice-chairperson and Managing Director for five years and provide a minimum remuneration in excess of 2.5% of net profits was also supported by only 45.11% (54.89% of votes against) of institutional investors’ votes. The outcomes were dominated by resolutions that were withdrawn by Zee Entertainment, ahead of the AGM. The two independent directors of the company resigned after e-voting for their re-appointment closed, and then the resolutions were withdrawn, it said. On September 3, Ceat also withdrew one resolution, which was about 11 days before the AGM.
In seven resolutions of Shaily Engineering Plastics, the institutional investors – holding more than 22.6% stake – cast 100% of their votes. Cumulatively, institutions voted 90% or more of their shares in 45 resolutions, and 75% or more in 60 resolutions, the data showed.