Eicher shareholders reject reappointment of Lal as MD
The Hindu
Proposal fails to win 75% votes, remuneration seen as issue
Shareholders of Eicher Motors, the manufacturer of Royal Enfield motorcycles, have voted against the reappointment of Siddhartha Lal as managing director (MD) of the company. According to a regulatory filing, the special resolution to consider and approve Mr. Lal’s reappointment for a period of five years and payment of remuneration, failed to muster the requisite majority at the 39th AGM. A total of 21,74,67,139 votes were cast for this special resolution, of which only 15,88,49,543 votes (73%) were in favour of the resolution, with the rest against. For a special resolution to be passed, 75% votes need to be in favour of the resolution.
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