Institutional investors rejected two resolutions of Orchid Pharma with 100% votes and two of multiplex operator PVR with 51.51% of the total votes cast, while a total of 59 resolutions were favoured with 100% votes. A total of four motions — based on the total votes including that of promoters and other shareholders — were rejected.

PVR’s resolutions to approve one-time special incentives of Rs 4 crore to joint managing director Sanjeev Kumar and Rs 6 crore to chairperson and managing director Ajay Bijli for FY22 were among the resolutions that were rejected. These were defeated by the total votes polled (including that of institutional investors), according to data compiled by proxy advisory firm Institutional Investor Advisory Services India (IiAS).

Indian Energy Exchange’s (IEX) resolution seeking shareholders’ approval to appoint Rajeev Gupta as an independent director for five years from April 27, 2022, was also rejected. IEX’s motion was disapproved with 39.08% of institutional investors’ votes, IiAS, which analysed AGM and postal ballot data for the seven-day period from July 15, said.

A resolution by Equitas Small Finance Bank to approve remuneration payable to executive director Rohit Gangadharrao Phadke for three years from the date of RBI approval was also rejected. However, in a stock exchange filing, Equitas SFB said that according to a letter it received from promoter firm Equitas Holding, the vote for resolution was cast as “against” instead of “for” inadvertently during the e-voting process. The promoter had informed that the intent has been to vote in favour of all resolutions. In view of the inadvertent dissent voting in the e-voting portal (which could not be later modified due to applicable statutory restrictions), the resolution was not passed with requisite majority.

The bank said it plans to take necessary measures to approach the shareholders again.

The two resolutions of Orchid Pharma (adoption of financial statements for the year ended March 31, 2022, and reappointment of Ram Gopal Agarwal as chairperson and non-executive non-independent director), which were dissented with 100% of institutional investors’ votes, were approved based on the entire shareholders’ votes polled.

ITD Cementation India’s motion seeking approval to convert loans into equity on the occurrence of default was dissented by 51.72% of institutional investors votes, but was approved based on total votes polled

Among resolutions that were disapproved by more than 25% of institutional investors’ votes included that of Persistent Systems (reappointment of Sandeep Kalra as ED), SRF (redesignate Vellayan Subbiah as non-executive non-independent director) and EIH (to appoint Prithvi Raj Singh Oberoi as chairperson emeritus for life). All these were also approved by the entire shareholders’ votes.

Three resolutions of Orchid Pharma were also favoured by entire institutional investors’ votes, while a number of resolutions of PVR (appointment of auditors, adoption of financial statements for FY22 and remuneration to directors) were approved with over 90% of their votes. Among the total 59 resolutions favoured with 100% of institutional investors votes were 12 motions of Equitas SFB and two of ITD Cementation.