McDowell’s shareholders reject appointment of 3 directors

The adjourned AGM was later held on November 25.However, the shareholders passed the financial statement of the company for the year ended March 31, 2021, with the requisite majority.As of September 2021, promoters holding was around 2.27 per cent into McDowell Holdings, while FII has 20.23 per cent and the rest 77.30 per cent is with non-institutional investors.

Shareholders of McDowell Holdings have rejected the proposals to appoint two independent directors and a non-executive director for the company.

Resolution for appointment of Sarvamangala Hadapada and Theerthesh B S as independent directors for a period of two years effective from October 22, 2020 and November 13, 2020, respectively could not be passed with requisite majority, it said.

Besides, the proposal to appoint G Sreenivas as non-executive director also failed to get the requisite majority, McDowell Holdings informed exchanges while updating the disclosure of voting results of its 17th Annual General Meeting.

McDowell Holdings, formerly known as McDowell India Spirits Ltd, holds strategic investments in different companies.

Total 99.24 votes were polled against the resolution for the appointment of Hadapada, Theerthesh and Sreenivas.

The AGM was earlier scheduled for September 29, 2021. However, it was adjourned for lack of quorum. The adjourned AGM was later held on November 25.

However, the shareholders passed the financial statement of the company for the year ended March 31, 2021, with the requisite majority.

As of September 2021, promoters' holding was around 2.27 per cent into McDowell Holdings, while FII has 20.23 per cent and the rest 77.30 per cent is with non-institutional investors.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)