Sun TV Executive Chairman Kalanithi Maran and Executive Director Kavery Kalanithi were reappointed by shareholders through a postal ballot last month, regulatory filings made to the stock exchanges show.
While 99.97% of public non-institutional shareholders voted for the special resolutions on reappointment of Mr. Maran and his wife, 86.24% of public institutional investors voted against the resolution. The promoter group, which holds 75% stake, voted 100% in favour.
Institutional Investor Advisory Services had earlier recommended voting against the resolutions citing governance and transparency issues. The advisory firm said it opposed the resolutions as the remuneration of Mr. Maran and Ms. Kalanithi was high given the company’s size. “As a good practice, the company must disclose the basis for performance pay,” it said.