The unlucky few

Given the stranglehold of promoters on Indian companies and apathy of minority shareholders, it is not very often that a resolution gets defeated in shareholder meets. Earlier this week, a proposal by Mangalore Chemicals & Fertilisers to deal with a promoter group firm was defeated. N Sundaresha Subramanian looks at a few resolutions that did not pass in 2016. Of the thousands of resolutions, that came up for vote, there were 14 resolutions which were voted against by shareholders at AGMs/EGMs/Postal Ballots and Court Convened Meetings held between January and September 15. A snapshot


AARTI DRUGS LTD.
TYPE: Memorandum & Articles of Association
RESOLUTION DESCRIPTION: Alteration of Articles of Association

ESSAR SHIPPING
TYPE: Charge shareholders for documents
RESOLUTION DESCRIPTION: To authorise board to fix charges for serving documents by any particular mode

INDIABULLS VENTURES
TYPE: Board changes
RESOLUTION DESCRIPTION: Re-appointment of Ashok Kumar Sharma as whole-time director

IDFC
TYPE: ESOPs/ ESOS
RESOLUTION DESCRIPTION: Re-pricing and re-granting of Employee Stock Options (ESOPs) granted in 2007 and reduction of ESOP pool by 40% (from current 7% to 4.2% of the issued and paid up share capital of the Company from time to time)

JAMMU & KASHMIR BANK
TYPE: Board changes
RESOLUTION DESCRIPTION: Appointment of Masooda Jabeen as director

MCLEOD RUSSEL INDIA
TYPE: Board remuneration, key management persons
RESOLUTION DESCRIPTION: Special resolution for approval of payment of remuneration and waiver of recovery of excess remuneration paid to Aditya Khaitan as the managing director

PAE LTD.
TYPE: Memorandum of understanding/ agreements
RESOLUTION DESCRIPTION: To approve a related party transaction pertaining to sale of PAE Renewables , a wholly owned subsidiary to promoter(s) / promoter group .

R SYSTEMS INTERNATIONAL LTD.
TYPE: Board changes
RESOLUTION DESCRIPTION: Four resolutions for re-appointment of Raj Kumar Gogia, Suresh Paruthi, Gurbax Singh Bhasin and Amardeep Singh Ranghar as independent directors

TRANSWARRANTY FINANCE
TYPE: Preference shares, preferential equity issue
RESOLUTION DESCRIPTION: To approve the issue of equity shares on a preferential basis - consideration other than cash (share swap)

THIRUMALAI CHEMICALS
TYPE: Board changes
RESOLUTION DESCRIPTION: Reappointment of S Santhanam, Director who retires by rotation.

ZEE ENTERTAINMENT ENTERPRISES
TYPE: Pledge/ Mortgage
RESOLUTION DESCRIPTION: Special resolution to facilitate creation of charge on any assets/ undertakings of the company to secure any current and/ or future borrowings.

Source: Sebi and companies