Resolution for reappointment of Mr. Sanjay Dalmia as a Director of GHCL Limited not approved by its Shareholders

This year the resolution for reappointment of Mr. Sanjay Dalmia as a Director of GHCL Limited, on a rotational basis, was presented in the 40th Annual General Meeting on the 1st of July 2023. In the democratic process which requires the resolution to obtain a minimum of 75% votes cast during the AGM in its favor, the resolution was able to secure 67.73% of votes. Thus the said resolution was not approved by the shareholders with the requisite majority.

As a professional company that is committed to the highest levels of governance, GHCL will respect and abide by the decision of its shareholders. An intimation for the same has been sent to the National Stock exchange and the Bombay Stock Exchange as per the statutory requirements.

Mr. Sanjay Dalmia, who has been a Director on the Board of GHCL since its inception in 1983 and was appointed as the Chairman of the Board in January 2005. His guidance and acumen has been instrumental in the company's growth and success through a span of four decades. However in the last Board meeting which was held on April 29, 2023, he had expressed his desire to retire from the board due to his age and pursue his philanthropic interests. But, was compelled to accept the proposal of his reappointment due to the insistence of the Board members.

Shares of GHCL Limited was last trading in BSE at Rs. 514.90 as compared to the previous close of Rs. 505.50. The total number of shares traded during the day was 6656 in over 335 trades.

The stock hit an intraday high of Rs. 516.00 and intraday low of 506.10. The net turnover during the day was Rs. 3410924.00.

Source : Equity Bulls

Keywords

GHCL INE539A01019 Director SanjayDalmia Reappointment NotApproved Shareholders