HOW VINDHYA TELELINKS APPOINTS INDEPENDENT DIRECTORS WITH JUST 64.33% VOTES IN FAVOR AS AGAINST 75%

 HOW VINDHYA TELELINKS APPOINTS

 INDEPENDENT DIRECTORS WITH JUST 64.33%

 VOTES IN FAVOR AS AGAINST 75%      

Two independent directors did not get the 75% of votes a special resolution needs. The company used a proviso to Regulation 25(2A) of LoDR to appoint them. The provision lets an appointment stand if more shareholders voted for it than against, and more public shareholders voted for it than against.

The proviso was introduced for situations where more than one promoter group exists but disagreed over an ID appointment resolution. At Vindhya, 32.69% of the promoter votes went against both candidates.