 "investment")
Kalyani Investment Company has objected to a negative voting recommendation made by Institutional Investor Advisory Services (IIAS) pertaining to the reappointment of Amit Kalyani as Non-Executive Non-Independent Director of Hikal Limited.
In a report dated September 11, the voting advisory firm had advised an “against” vote on the resolutions, citing concerns related to an ongoing dispute between two promoter groups at Hikal over a family arrangement from 1994.
Kalyani Investment, which holds a 31.36 per cent stake in Hikal, has argued that the dispute referenced by IIAS cannot be a “material factor” for arriving at the recommendation on the reappointment.
The firm pointed out that IIAS had previously endorsed Kalyani’s reappointment in September 2023, even though the dispute was ongoing at that time, and no substantive developments have occurred since then.
The company clarified that Amit Kalyani is not a signatory to the disputed family arrangement and has been included only in a fiduciary capacity owing to his roles as Chairman of Kalyani Investment Company and BF Investment. No legal orders have been issued against him, and no immediate court hearings are scheduled.
Kalyani Investment emphasised that Amit Kalyani has served as a Non-Executive Director at Hikal since 2012, without involvement in daily operations or any company committees. His appointment was recommended by Hikal’s Nomination and Remuneration Committee and the Board, underscoring that the firm is professionally run and that board decisions remain unaffected by the dispute, the firm said in an exchange filing.
Kalyani Investment urged IIAS to reconsider its negative voting recommendation for Amit Kalyani’s reappointment. It also cited another report by Stakeholder Empowerment Services (SES), which has recommended a “for” vote on Amit Kalyani’s reappointment, stating no major concern.
 "United Breweries kingfisher")
 "Majority of the larger balanced advantage funds (BAFs) raised their equity exposure in October after trimming the allocation in the previous months. However, in most cases, the equity exposure remained closer to their respective multi-year low levels")
 "Representative Picture")
 "Real estate developers, homebuyers, Real Estate, home loan rate, Reserve Bank of India")
 "volatility index, stock market volatility, India VIX, stock market today, why are nifty, sensex down today, stock market, stock market news")
