Institutional investors dissented on nine resolutions with more than 25% votes cast, including the asset monetisation plan of Reliance Power (RPower), while they supported another 73 proposals with a 100% majority.
A whopping 99.88% of institutional investors voted against RPower’s plans to dispose of certain assets to reduce debt and liabilities. The special resolution was rejected, according to data compiled by proxy advisory firm Institutional Investor Advisory Services India (IiAS).
In its AGM notice, RPower had stated that it was in process of “reducing debt” and sought to “empower” the board to dispose of assets. In an earlier regulatory update, the company said nearly 72% of shareholders had voted in favour of the special resolution and 28% voted against it. However, the motion was defeated as a special resolution needs to be approved by 75% or more votes.
