The shareholder of Britannia Industries had to vote against a resolution which authorised investing loan approval and provided guarantees of up to Rs 5,000 crore in the Annual General Meeting (AGM) held last week.
The particular resolution passed to increase limits for making investments, loans, Special guarantees and security was “not Passed with requisite majority,” said a regulatory filing from Britannia Industries on June 29, 2022.
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Mandatory, the Companies Act passed special resolution needs to be passed by a super majority, which refers to at least seventy-five per cent of the members voting in favour of it.
But only 73.35 per cent of votes were received, while 26.64 per cent were against the proposal. Hence, the proposition was disapproved by shareholders.
The other two special resolutions passed for remuneration to its Chairman Nusli N Wadia and the re-appointment of Independent Director (ID) named Keki Elavia.
However, 59.31 per cent of public institutions and 59.90 per cent of Public non-institutions voted against the proposal to hike the remuneration to the Britannia Chairman.