Institutional Investor Advisory Services, a SEBI-registered research entity, on Thursday asked investors to vote against Tanla Platforms Ltd.'s resolutions.
The research body has asked to vote against four resolutions:
Firstly, one of the resolutions seeks approval for the TPL Stock Options Scheme 2024, which proposes to issue up to 2.6 million stock options to employees.
Secondly, TPL seeks approval for extending its stock option scheme to employees working in its subsidiary companies.
Another resolution put forth by TPL involves the secondary acquisition of shares through a trust. This seeks to facilitate the implementation of the Tanla Platforms Stock Option Scheme.
The fourth resolution seeks approval for providing a loan of up to 5% of the paid-up share capital and free reserves. This loan would be used for buying TPL's shares by a trust under the TPL Stock Options Scheme 2024.
The recommendations are based on two factors:
Firstly, the governance matter issues highlight corporate governance practices that need improvement or are non-compliant with regulations or their intended purpose.
Secondly, the lack of transparency may leave investors with unanswered questions or uncertainties about the proposed resolutions, it said.
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