Non-institutions who own 56.9% of VST, 95% voted against Sethi's candidature. Despite 91% approval from public institutions, which own 10.9%, and the promoter voting for the resolution, Sethi's appointment failed to pass, since it got only 56% votes. Special resolutions require approval from 75% of shareholders.
Damani's opposition to Sethi's candidature as chair implies that the largest public shareholder of VST industries is not aligned with BAT's decision.
"Damani is concerned about the strategy of VST and how they intend to grow the business," a company executive said on the condition of anonymity.
Emails sent to Damani, BAT and VST Industries managing director Aditya Gooptu remained unanswered.
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