Institutional investors and public shareholders in Tata Motors defeated proposals by the company on remuneration for three executives on the grounds that profit in the year to March was inadequate, in a move that reflects increasing activism by non-promoters. The company disclosed the result of the postal ballot on Thursday. At the same time, plans by the company to borrow up to Rs 30,000 crore were overwhelmingly approved by shareholders, it said. The three executives concerned are the late Karl Slym, former MD, Ravindra Pisharody, executive director, commercial vehicles, and Satish Borwankar, executive director, quality. The proposals got only 70% approval, failing to get the 75% that was needed. Nearly 64% of institutional investors and 41% of public shareholders voted against the resolution.
Read the Economic Times news report here.