INSUBCONTINENT EXCLUSIVE:
Apollo Tyres Friday said its shareholders have approved reappointment of Neeraj Kanwar as Managing Director of the company with effect from
May 28, 2019 until March 31, 2024
In a regulatory filing, the company said 96.72 per cent of 42.29 crore votes polled were in favour of Kanwar's reappointment while 3.28
per cent votes were against it
The special resolution proposed to the members for reappointment of Kanwar as MD was passed with requisite majority, it added
As a result of this process, Apollo Tyres now has stronger shareholder engagement and a clear way forward to the satisfaction of all
parties, a company spokesperson said
"The company, led by Kanwar, will continue to deliver value to all its stakeholders including employees, shareholders, customers, partners
and other relevant communities," the spokesperson added
In September, minority shareholders of the company had rejected the reappointment of Kanwar as MD over compensation issue
The resolution for his reappointment was not passed as a special resolution as the votes cast in favour (72.72 per cent) were less than
three times the number of votes cast against (27.28 per cent)
Later, Apollo Tyres said its board would seek shareholders' guidance and independent counsel regarding the compensation for Kanwar.
