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Shareholders of JK Lakshmi Cement have rejected a special resolution put on vote for increasing inter corporate transaction limit to ₹10,000 crore.
The company had sought shareholders approval for the special resolution at the recent AGM held last Thursday and could garner only 71.10 per cent favourable votes.
Of the 9.50 crore votes polled, the special resolution could garner 6.75 crore (71 per cent) votes in favour while 2.74 crore (29 per cent) votes were against the proposal. As per the Companies Act, a special resolution has to be passed by a majority of 75 per cent votes. The resolution was failed, as public institutions largely (70.19 per cent) voted against, though public non-institution or retail investors (99.90 per cent) voted in favour.
Subsequently, the company secretary Ronak Jhuthawat & Co in a report said all the other seven resolutions including dividend (₹3.75/share), continuation of Bharat Haff Singharoa as director and approval (or enhancement of borrowing limits were passed with requisite majority. .
The company had earlier sought shareholders consent to accord powers to the Board of Directors for giving any loan to any person or other body corporate, give any guarantee or provide security in connection with a loan to any other body corporate or person and acquire by way of subscription, purchase or otherwise, the securities of any other body corporate.
The Board at its absolute discretion deemed in the interest of the company, in excess of the limits prescribed under Section 186 of the Act, for an amount not exceeding ₹10,000 crore, it said.
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