Majority Institutional Investors Say No To Zomato's ESOP Proposal

Newly-listed Zomato Ltd.'s employee stock option plan failed to get a nod from majority of its institutional investors even as it was passed with overall votes being in favour.

Other Key Institutional Rejections

The highlight of the week ended Sept. 24, however, was shareholders of IDFC Ltd. rejecting the appointment of Vinod Rai as non-independent, non executive director. Over 58% of the institutional votes were cast against the proposal.

Honda India Power Products Ltd. saw 72% of institutional votes veto a proposal that would approve related-party transactions with group companies between April 1, 2020 and March 31, 2023. The resolution failed.

Majority of the institutional shareholders of Gati Ltd. were against adopting the consolidated financial results for FY21 and the reappointment of Kaiwan Kalyaniwalla as non-executive, non-independent director. Both proposals saw over 75% institutional votes against it but yet passed.