Eicher Motors’ shareholders, on the firm’s not too long ago held annual basic assembly (AGM), have rejected a proposal for re-appointment of Siddhartha Lal as the corporate’s managing director for a interval of 5 years with impact from May 1 this 12 months.
During the corporate’s thirty ninth AGM, which was held earlier this week, the members additionally rejected the proposal of accelerating Lal’s remuneration.
While 73 per cent of the votes favoured the re-appointment, the remainder 27 per cent have been towards it. As a particular decision, it wanted assist from 75 per cent of the votes forged to cross the proposal. Out of the entire 21,74,67,139 votes, 15,88,49,543 (73.04 per cent) have been in favour of the re-appointment, whereas 5,86,17,596 (26.95 per cent) votes disapproved the proposal.
The firm’s public institutional shareholders notably opposed the transfer.
Out of the entire 8,13,98,998 votes acquired within the class, 5,86,16,986 (72 per cent) disapproved the proposal and simply 2,27,82,012 (27.98 pet cent) favoured the transfer.
“The resolution was not passed with requisite majority,” Eicher Motors stated in a regulatory submitting. Meanwhile, an odd decision looking for Lal’s re-appointment as a director on the corporate’s board was accredited by shareholders. Around 86 per cent of the votes have been within the favour of the proposal. Royal Enfield, part of Eicher Motors, is a participant within the mid-sized motorbike phase.
With inputs from PTI
