One 97 Communications, the parent Company of Paytm is scheduled to hold it’s AGM on August 19, 2022. Ahead of the meeting, Institutional Investor Advisory Services India (IiAS), a proxy advisory firm, has advised shareholders of One 97 to vote against some key proposed resolutions. Reappointment of Vijay Shekhar Sharma (VSS) as the MD – … Read more
Indian corporates in general consider shareholders approvals to be a mere formality. With their direct and indirect control over the ownership and the consequent control over the voting, many try to get away with questionable resolutions suiting promoters’ own interests. However, with increasing shareholders’ awareness and activism, it’s becoming increasingly difficult for many of them. … Read more
Nykaa’s promoters have successfully been able to change the Article of Association (AoA) to give themselves special powers. What are the powers? As per the previous AoA, the promoter group had the right to nominate up to 50% of the directors on the board if they held in excess of 25% of the company’s paid-up … Read more
As per a news report by Mint newspaper, Blackrock (US based large fund manager) had highlighted accounting irregularities at SpiceJet in December 2021. Key points to note: Blackrock had raised the issue of accounting irregularities at the time of rejecting re-appointment of Shivani Singh (wife of the promoter CMD, Ajay Singh) as Director. Blackrock rejected … Read more
Zomato recently had invested $75 mn into Shiprocket as a part of it’s start-up investing strategy. T V Mohandad Pai (ex Infosys CFO) in a tweet raised concern that whether there is a conflict of interest in this investment by Zomato as Deependier Goyal (Founder CEO) had previously invested into Shiprocket in his personal capacity. … Read more
The Company has called for an extraordinary general meeting (EGM) on 30 December, seeking approval to amend it’s Articles of Association (AoA) and remove restrictions on promoter share transfer. Key points to note – Indigo has two founders – Rahul Bhatia and Rakesh Gangwal Bhatia group owns 37.83% stake of Indigo and Gangwal group 36.61% … Read more
Shareholders’ activism in Indian Companies is increasing. Shareholders are finding new ways to make themselves heard by the management. Now Venkat Subramanian, the MD of Infina Finance (an investment company jointly owned by Kotak Mahindra Bank and the Kotak family) has written an open letter to Sanjeev Bikhchandani, the Co-founder of Info Edge India (IEL). … Read more
Padmaja Gangireddy, the Founder Managing Director of Spandana Sphoorty Finance (SSF) has resigned. Key points to note – SSF is a private equity controlled entity. Kedaara Capital owns about 45% of the Company whereas Padmaja owns about 17%. Padmaja in a letter to employees has attributed the reason for resignation to be her disagreement of … Read more
The Company has denied allegations of a whistleblower on undue advantage to the promoters at Company’s expense and provided the necessary clarifications. The allegation – Reports surfaced in media that a whistleblower has made a complaint that Asian Paints (APL) entered into a transaction with one of it’s ex-employees Jayram Nadkarni and the company founded … Read more