Opposition from Damani, who owns nearly a third of India's third largest cigarette maker, marks a rare episode of opposition from the investor who holds more than 1% shares in 11 publicly listed companies.
BAT, the promoter of VST Industries with 32.16% shareholding, first appointed its executive Naresh Kumar Sethi as director on the board of the Hyderabad-based cigarette maker in November 2018.
VST sought shareholder approval to reappoint Sethi as executive chairman from non-executive director for five years from 5 November.
However, Damani opposed Sethi's appointment. Among 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.
Diese Geschichte stammt aus der December 23, 2024-Ausgabe von Mint Mumbai.
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