Sun TV holders vote to reappoint Maran, Kavery
The Hindu
86% institutional investors oppose move
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.
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The Union Budget unveiled on February 1, 2025, has come at a time of unprecedented global uncertainty and a flagging domestic economy. The real GDP growth is estimated at 6.4% for 2024-25 and between 6.3-6.8% for 2025-26, a far cry from >8 percent growth required annually to make India a developed nation by 2047. While much attention has been devoted to the demand stimulus through income tax cuts, not enough is said about the proposed reforms in urban development, tariff rationalisation, and regulatory simplification aimed at making Indian cities and corporates more competitive. Since the majority of economic activity is located in cities (urban areas account for ~55% of GDP) and produced by large corporates (~40% of the national output and 55% of India’s exports), the above-mentioned reforms have a pivotal role in improving India’s trend growth rate. Below we unpack each reform.