CALCUTTA, January 2: Manu Chhabria has got rid of the institutional nominee on the Shaw Wallace board. In the vote held on December 31, 1997, the resolution on the reappointment of the institutional nominee, PK Pandit, on the board was not carried primarily because the Chhabria vote went against him.Pandit lost by a margin of 1.35 crore votes. According to the poll results announced today 69.21 per cent of the total shareholders present and voting were against him while 30.79 per cent voted in favour of him.
The financial institutions collectively hold a 25.93 per cent stake in the company. The public holding in Shaw Wallace is 34.99 per cent while the rest is in the hands of Dubai-based chairman M R Chhabria through his various companies such as RG Shaw & Co Ltd, Shaw Darby & Co Ltd, Shaw Scott & Co Ltd and Thames Rice Milling Co Ltd.
At the AGM held on December 30, managing director R K Jain, who was in the chair, demanded a poll on the six major resolutions on the agenda. The polling was held on
December 31 while the counting of votes was done over the next two days. The rest of the resolutions have been carried. However, Pandit voted against the first, fifth and sixth resolutions on behalf of the resolutions. These pertained to the passing of the accounts for 1996-97, reappointment of PL Narasimhan to the board and the terms of his appointment. In all the three resolutions, 69.95 per cent of shares voted for and 30.05 per cent voted against. In fact, the financial institution nominee along with the nominees of the CLB had expressed dissent.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
