Latest News | Eicher Motors Shareholders Reject Proposal to Re-appoint Siddhartha Lal as MD
Get latest articles and stories on Latest News at LatestLY. Eicher Motors' shareholders in its recently held annual general meeting (AGM) have rejected a proposal for re-appointment of Siddhartha Lal as the company's managing director for a period of five years with effect from May 1 this year.
New Delhi, Aug 20 (PTI) Eicher Motors' shareholders in its recently held annual general meeting (AGM) have rejected a proposal for re-appointment of Siddhartha Lal as the company's managing director for a period of five years with effect from May 1 this year.
During the company's 39th AGM, which was held earlier this week, the members also rejected the proposal of increasing Lal's remuneration.
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While 73 per cent of the votes favoured the re-appointment, the rest 27 per cent were against it.
As a special resolution, it needed support from 75 per cent of the votes cast to pass the proposal.
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Out of the total 21,74,67,139 votes, 15,88,49,543 (73.04 per cent) were in favour of the re-appointment, while 5,86,17,596 (26.95 per cent) votes disapproved the proposal.
The company's public institutional shareholders particularly opposed the move.
Out of the total 8,13,98,998 votes received in the category, 5,86,16,986 (72 per cent) disapproved the proposal and just 2,27,82,012 (27.98 pet cent) favoured the move.
"The resolution was not passed with requisite majority," Eicher Motors said in a regulatory filing.
Meanwhile, an ordinary resolution seeking Lal's re-appointment as a director on the company's board was approved by shareholders.
Around 86 per cent of the votes were in the favour of the proposal.
Royal Enfield, a part of Eicher Motors, is a leading player in the mid-sized motorcycle segment with presence across domestic as well as international markets.
In addition to motorcycles, Eicher motors has a joint venture with Sweden's AB Volvo — VE Commercial Vehicles Limited (VECV). HRS hrs
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)