Latest News | Finolex Industries Shareholders Approve Reappointment of Chairman

Mumbai, Aug 31 (PTI) A majority of shareholders of Finolex Industries approved the reappointment of promoter chairman Prakash Chhabria and other resolutions proposed by the management, rejecting the recommendations of proxy advisory firms.

The Pune-based company on Wednesday announced the results of the e-voting which took place at its Annual General Meeting (AGM) held on Tuesday.

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More than 93 per cent of shareholders approved the management resolutions, including re-appointment of Prakash P Chhabria as the chairman, whole-time director designated as the executive director for a period of five years from December 1, 2021 to November 30, 2026, the company said in an exchange filing.

Finolex further said that all the 12 resolutions put up for the approval of shareholders at the AGM were passed in favour with a large majority.

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Ahead of the AGM, two proxy advisory firms -- Institutional Investor Advisory Services and Stakeholders Empowerment Services -- had asked Finolex shareholders to vote against a number of resolutions, including the reappointment of Chhabria. One of them had also suggested shareholders to vote against the reappointment of Sanjay S Math as the managing director and the remuneration payable to auditors.

However, another proxy advisory firm InGovern Research Services had asked shareholders to approve all the 12 resolutions of the company.

In the recent past, this is the second such instance of shareholders of a company rejecting the recommendations of proxy advisory firms.

At the AGM of fintech firm Paytm on August 22, shareholders overwhelmingly rejected advisory firms recommendations, with 99.7 per cent voting in favour of reappointment of founder-CEO Vijay Shekhar Sharma.

Earlier, three proxy advisory firms -- Institutional Investor Advisory Services (IiAS), Stakeholders Empowerment Services (SES) and InGovern Research Services -- had called upon the shareholders of Paytm to vote against Sharma's reappointment as CEO and his remuneration proposal.

(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)