ACC, Ambuja shareholders voted against adoption of FY23 results – ET Infra


A majority of institutional shareholders at Adani-owned cement majors ACC and Ambuja Cements have voted against adopting audited financial statements for 2022-23, taking cognizance of certain concerns raised by auditors.

Yet, resolution for adoption of the financial statement was passed at both the companies with the backing of promoters who hold a significant share in these firms.

At ACC, nearly 63% of the votes from public institutions were not in favour for the resolution of financial statements, while the remaining 37% voted in agreement, data on the BSE showed.

At Ambuja Cements, nearly 54% of votes from public institutions did not favour adoption of the financial results, while 46% were in favour. Not all public institutions voted in the resolutions.

At ACC, only 60.2% of public institutions cast their votes, while at Ambuja Cements, a little over 58% of the public institutions participated in the voting.

The promoter participation in both the companies was 100%, and in favour of the statements.

Independent advisory firms often advise shareholders on whether they should approve resolutions, especially if the resolutions are not related to the ordinary course of business.

Institutional Investor Advisory Services (IiAS), a prominent proxy advisory firm in India, had advised investors to vote against the financial statements for ACC, even though it said shareholders must go ahead with other resolutions including the dividend, and remuneration to cost auditors.

  • Published On Jul 27, 2023 at 11:23 AM IST

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