Institutional investors reject Orchid Pharma's and PVR's two resolutions

Institutional investors did not approve of two resolutions from Orchid Pharma with 100% votes, and two of the multiplex operator PVR with 51.51 percent of the votes cast. In addition, a majority of the resolutions supported by 100 percentage votes. Four motions that were based on the votes of the entire shareholder including those of promoters and others shareholders -- were disapproved.

The PVR's HTML0 resolutions to authorize one-time special rewards of Rs 4 crore for the joint executive director Sanjeev Kumar and the chairman as well as managing director Ajay Bijli for Financial Year 2022 were among the resolutions to be rejected. They were defeated by majority of votes cast (including those for institutional investors) as per data collected by an advisory service for proxy holders Institutional Investor Advisory Services India (IiAS). The Indian Energy Exchange's (IEX) resolution soliciting shareholder approval to nominate Rajeev Gupta to the position of an independent director, for a period of five years beginning the 27th of April 2022 was also disapproved. The IEX motion was rejected with 39.08 percent of the votes cast by institutional investors, said IiAS, who looked at the AGM and postal ballots for the seven days beginning July 15th.

A resolution of Equitas Small Finance Bank to accept remuneration payments to the executive director Rohit Gangadharrao Phadke for a period of three years starting from the date RBI decision was denied. In an exchange filing, Equitas SFB stated that, according to the letter they received from promoter company Equitas Holding it was discovered that the resolution's vote was cast "against" rather than "for" accidentally during the process of voting electronically. The promoter was informed that its intention was for the firm to cast a vote favor of any resolution. Because of the accidental dissension vote in the e-voting portal (which could not be changed due to the applicable statutory limitations) the resolution could not be passed by the sufficient majority. The bank has stated that it will too take the necessary measures to reach out to shareholders once more.

The two resolutions adopted by Orchid Pharma (adoption of financial statements for the fiscal year that ended the 31st of March, 2022 and the reappointment of Ram Gopal Agarwal as chairman and non-executive non-independent director) The resolutions, which were rejected by the majority of institutional shareholders' votes, and were ratified based on all shareholder votes that were voted on. ITD Cementation India's motion for approval to change loans into equity upon the event of default rejected by 51.72 percent of institutional investors' votes, but it was voted in favor by the majority of votes cast