IiAS red flags Adani Total’s move to change articles of association

Proxy advisory firm Institutional Investor Advisory Services (IiAS) has asked shareholders of Adani Total Gas (ATGL) to vote against a special resolution seeking alterations to the company’s articles of association (AoA), citing lack of adequate transparency in disclosure supporting the resolution.

ATGL proposes to amend the AoA to include certain provisions of the shareholders’ agreement, which allows changes in board nomination rights to TotalEnergies Holdings (THS) group and the existing promoter group, based on their shareholding in the company. Voting for this resolution, along with two others, will cease on April 6.