16 Aug , 2022 By : Monika Singh
Institutional investors have voted against two resolutions of Ramco Systems and four of Wim Plast with their entire votes polled, while a total of 247 resolutions were favoured with 100% votes cast.
A resolution of DLF (related-party transaction) was disapproved with 68.85% of the institutional shareholders’ total votes polled. 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 promoters did not have a vote,” IiAS said in a note.
However, all the resolutions, except that of DLF, were approved by the votes of all the shareholders, including promoters and others.
A resolution of Expleo Solutions (related-party transaction) was among the seven resolutions that were disapproved by institutional shareholders with 100% of their votes. Ramco Systems’ two motions (both employees’ stock options) and four of Wim Plast (reappointment of director, adoption of financial statements, among others) were the others that were voted against with 100% of votes, IiAS, which analysed AGM and postal ballot data for the seven days from August 5, said.
Pidilite Industries’ resolution to appoint Sudhanshu Vats as deputy managing director for three years, effective May 18, 2022, and fix his remuneration, was disapproved with 49.25% of votes cast. The company’s proposed motion to increase the board size to 18 directors from the existing 15 was also voted against with 49.42% of votes.
Kirloskar Oil Industries’ motions seeking reappointment of Atul Kirloskar as executive chairman and Gauri Kirloskar as MD were voted against with 42.36% and 42.33% votes, respectively. The resolution of FSN E-Commerce Ventures, which operates online beauty marketplace Nykaa, to adopt consolidated financial statements for the financial year ended March 31, 2022, was also disapproved with 43.28% of total votes polled.
Institutional shareholders also disapproved 20 resolutions of firms such as Responsive Industries, Himadri Speciality Chemical, Nesco, IG Petrochemicals and Subros, among others, with more than 50% of their total votes cast. The motions ranged from appointment of directors and fixing their remuneration to approval of preferential issues, among others.
Of the total 508 resolutions, 247 resolutions were voted in favour of with 100% of the institutional votes, and another 85 resolutions with 99% of total votes polled.
Two resolutions of Ramco Systems, three of Wim Plast and two of DLF were favoured with 100% of institutional shareholders’ total votes. About 406 resolutions received more than 90% institutional investors’ votes in favour.
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