Apollo Tyres' shareholders approve reappointment of Neeraj Kanwar as MD

Apollo Tyres Friday said its shareholders have approved reappointment of Neeraj Kanwar as Managing Director of the company with effect from May 28, 2019 until March 31, 2024.

In a regulatory filing, the company said 96.72 per cent of 42.29 crore votes polled were in favour of Kanwar's reappointment while 3.28 per cent votes were against it.

The special resolution proposed to the members for reappointment of Kanwar as MD was passed with requisite majority, it added.

As a result of this process, Apollo Tyres now has stronger shareholder engagement and a clear way forward to the satisfaction of all parties, a company spokesperson said.

"The company, led by Kanwar, will continue to deliver value to all its stakeholders including employees, shareholders, customers, partners and other relevant communities," the spokesperson added.

In September, minority shareholders of the company had rejected the reappointment of Kanwar as MD over compensation issue.

The resolution for his reappointment was not passed as a special resolution as the votes cast in favour (72.72 per cent) were less than three times the number of votes cast against (27.28 per cent).

Later, Apollo Tyres said its board would seek shareholders' guidance and independent counsel regarding the compensation for Kanwar.