Institutional investors dissented four resolutions each of supply chain firm Delhivery and electrical goods company Havells India, with more 50% of votes cast, even as they supported 89 motions with 100% majority. Further, they also supported 26 motions with over 99% of votes polled.
Delhivery’s resolutions, all employee stock option plans, were voted against with 72% of institutional shareholders’ votes. The motions of Havells India, all of them employee stock-purchase schemes, were voted with upwards of 50% votes, according to data compiled by proxy advisory firm Institutional Investor Advisory Services India (IiAS).
However, all resolutions were approved by the total votes cast by shareholders (including promoters and others), IiAS, which analysed AGM and postal ballot data for the seven-day period starting from July 8, said.
Institutional investors dissented another 11 resolutions with more than 25% of their votes, including that of Motilal Oswal Financial Services, Steel Authority of India, Raymond and IIFL Finance, among others. The motions ranged from appointment of directors, approval of commission payment to non-executive directors and related-party transactions, among others.
According to IiAS, institutional shareholders supported 89 resolutions with a whopping 100% majority. These included Raymond (issuance of non-convertible debentures), South Indian Bank (various resolutions), Larsen & Toubro Infotech and BSE (dividend), Mindtree (including reappointment of AM Naik as non-executive non-independent director) and Tata Steel Long Products (various resolutions), among others.
