Institutional investors voted against two resolutions of Sun TV Network with a whopping 86.24% majority, even as they approved 17 others that came up for voting since January 28.

The institutional investors dissented the reappointment of Kalanithi Maran as executive chairperson and Kavery Kalanithi as executive director through postal ballots, according to data compiled by proxy advisory firm Institutional Investor Advisory Services India (IiAS).

The resolutions had sought reappointments of Kalanithi Maran and Kavery Kalanithi for five years from April 20, 2022, and to fix their remunerations.

According to IiAS, 72.96% of institutional investors voted in this time, compared with 56.31% in April 2019, and 86.24% voted against the resolution this time, compared with 56.31% in 2019. At the time of voting in April 2019, institutional investors held 6.6 crore shares, which now stands at 3.2 crore.    

“These were overwhelming disapprovals by institutional shareholders. Last year, the company had decided to cut the dividend, resulting in the firm steadily losing investor confidence which is borne by the data,” IiAS said.

The two resolutions of Sun TV were the only ones to be disapproved by institutional investors – such as financial institutions, mutual funds, venture capital firms and insurance companies among others — during the reporting week.

Six resolutions of CG Power and Industrial Solutions’ – ranging from reappointment of directors to adoption of revised financial statements and remuneration to auditors – were approved with more than 97% of institutional investors’ votes.

Indian Hotels Co’s plans to issue shares for up to Rs 2,000 crore by way of Qualified Institutional Placement and Andhra Paper’s appointment of the director was approved by the entire votes of institutional investors. Various resolutions of Synergy Green Industries – reappointment and continuation of tenure of directors – also were approved with a whopping 100% of votes.

Greenlam Industries’ intention to raise the borrowing limit to Rs 2,000 crore was approved by 99.48% of institutional shareholders’ votes, while its other resolutions, including the issuance of equity or equity-linked securities of up to Rs 500 crore, were approved with a whopping cent per cent majority, the data showed.