Shareholders defeat all four of McLeod Russel's special resolutions

After the AGM move, the tea company may be forced to change the restructuring plan

The Brij Mohan Khaitan group's McLeod Russel, which is India’s largest tea growing company, may have to alter its debt repayment and restructuring plan after its shareholders defeated a proposal to raise borrowing and lending limits beyond legally permissible norms.

The firm's shareholders voted against all the four special resolutions of McLeod Russel, part of the Williamson Magor Group, at its 21st Annual General Meeting (AGM) on Monday.

The company, in its explanatory statement, said a debt restructuring process was underway to convert short-term debts into long-term ones, exceeding legal provisions.

Hence, the resolution was placed before shareholders in a bid to bypass