The shareholders of Britannia Industries have rejected the Rs 5,000 investment proposal

The shareholders of Britannia Industries voted for a resolution to allow the board to make investments, issue loans and issue certificates of up to Rs 5,000 crore at the AGM that ended last week.

The special decision to allow to increase the limits on the processing of investments, loans, special certifications and security “did not pass by the majority,” an editorial from Britannia Industries said. and June 29, 2022.

The industry law requires that a special resolution be passed by a majority, with at least 75 percent of the members voting.

He received 73.35 per cent of the 19.60 crore votes cast, and 26.64 per cent of the votes were against the idea.

At the AGM, 71.13 per cent of government agencies and 70.86 per cent of non -governmental organizations voted against the idea of ​​making investments, loans, special certificates and security up to Rs 5,000. crore. However, it gets 100 percent support from the publisher and the advertising team.

The other two special decisions were the approval of the remuneration of its Chairman Nusli N Wadia and the re -appointment of Keki Elavia as Independent Director.

However, 59.31 per cent of government employees and 59.90 per cent of non -government employees voted against the proposal to raise wages to the British President.

It was decided with 76.94 percent of the votes cast with the help of advertisers and other pollsters.

The salary of Rs 7.33 crore to Wadia is more than 50 per cent of the total annual salary paid to non-directors for 2021-22.

The stakeholders also passed three standard resolutions with the majority required, with the upper hand in place of Ness N Wadia, who retired from the transfer.

Britannia, which is expanding its factories – has sought the owner’s approval of limits on making investments, loans, certifications and security to the extent that it is not. to more than Rs 5,000 crore.

(Only the title and image of this report were re -created by Business Standard staff; the rest of the information was created from a syndicated feed.)

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