Srikalahasthi Pipes (Delisted) MD, chairman, board of directors and AGM

BSE: 513605Industrial Products

Formerly Lanco Industries

Last traded ₹200.80 on 12 Jan 2022

Delisted on 31 Mar 2022.

Srikalahasthi Pipes AGM and shareholder votes

Each resolution, how the votes went, and how institutions voted apart from the promoters. A postal ballot is a vote by post or online, held without a meeting.Srikalahasthi Pipes share news and announcements

Annual general meeting, 9 Aug 2021

Present: 4 promoters and 40 others.The company's voting result (opens in a new tab)

  1. Adoption of audited financial statements for the year ended 31st March, 2021 together with Auditors Report and Directors’ Report thereon.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 54.66% · promoters 100.00% · institutions 22.37% · other public 5.25%

  2. Declaration of Dividend of Rs.6 (i.e.60%) per share on the Equity Shares of the Company for the Financial Year ended 31st March, 2021
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 54.66% · promoters 100.00% · institutions 22.42% · other public 5.25%

  3. Appointment of Mr Ashutosh Agarwal (DIN: 00115092), Director, who retires by rotation and being eligible, offers himself for re-appointment as a Director of the Company.
    Ordinary
    97.13% for2.87% against

    Against: promoters 0.00% · institutions 31.57% · other public 0.14%

    Turnout: all 54.66% · promoters 100.00% · institutions 22.42% · other public 5.25%

  4. Ratification of remuneration payable to Cost Auditors M/s. Narasimhamurthy & Co., for the financial year ended 31st March, 2022
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.08%

    Turnout: all 54.66% · promoters 100.00% · institutions 22.42% · other public 5.25%

  5. Approval of appointment of Dr. Mohua Banerjee (DIN: 08350348) as a Director of the Company.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.08%

    Turnout: all 54.66% · promoters 100.00% · institutions 22.42% · other public 5.25%

  6. Approval of appointment of Dr. Mohua Banerjee (DIN: 08350348) as an Independent Director of the Company for a term of five years.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.08%

    Turnout: all 54.66% · promoters 100.00% · institutions 22.42% · other public 5.25%

  7. Approval of remuneration/commission payable to Mrs Priya Manjari Todi (DIN: 01863690) for the FY 2020-21.
    Special
    97.01% for2.99% against

    Against: promoters 0.00% · institutions 32.88% · other public 0.17%

    Turnout: all 54.66% · promoters 100.00% · institutions 22.42% · other public 5.25%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Meeting called by the tribunal, 16 Jun 2021, 1 resolution

Present: 5 promoters and 133 others.The company's voting result (opens in a new tab)

  1. Resolution for approval of Scheme of Amalgamation of Srikalahasthi Pipes Limited with Electrosteel Castings Limited and their respective shareholders and creditors on a going concern basis
    OrdinaryPromoters have an interest in it
    93.57% for6.43% against

    Against: promoters 0.00% · institutions 100.00% · other public 4.59%

    Turnout: all 77.19% · promoters 100.00% · institutions 100.00% · other public 52.53%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Annual general meeting, 27 Jul 2020, 11 resolutions

Present: 12 promoters and 34,802 others.The company's voting result (opens in a new tab)

  1. Adoption of Audited Financial Statements for the FY 2019-20 and Auditors Report and Directors Report thereon.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 61.26% · promoters 100.00% · institutions 58.73% · other public 5.01%

  2. Decleration of Dividend
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 61.74% · promoters 100.00% · institutions 61.17% · other public 5.01%

  3. Reappointment of Mrs Priya Manjari Todi who retires by rotaion.
    Ordinary
    99.99% for0.01% against

    Against: promoters 0.00% · institutions 0.00% · other public 2.22%

    Turnout: all 59.49% · promoters 100.00% · institutions 57.00% · other public 0.58%

  4. Ratification of remuneration payable to Cost Auditors M/s Narasimhamurthy & Co
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.01%

    Turnout: all 61.74% · promoters 100.00% · institutions 61.17% · other public 5.01%

  5. Approval of appointment of Mr. X.J. J. Abraham as a director
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.01%

    Turnout: all 60.92% · promoters 100.00% · institutions 57.00% · other public 5.01%

  6. Approval of appointment of Mr X.J.J. Abraham as Indpendent Director
    Special
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.01%

    Turnout: all 60.92% · promoters 100.00% · institutions 57.00% · other public 5.01%

  7. Approval of appointment of Mrs S. Hemamalini as independend director for the 2nd term of five years.
    Special
    99.99% for0.01% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.26%

    Turnout: all 60.92% · promoters 100.00% · institutions 57.00% · other public 5.01%

  8. Approval remuneration and commission payble to Mrs Priya Manjari Todi for the FY 2019-20
    Special
    81.00% for19.00% against

    Against: promoters 0.00% · institutions 95.64% · other public 2.22%

    Turnout: all 60.31% · promoters 100.00% · institutions 61.17% · other public 0.58%

  9. Approval of appoinment of Mr R.K. Khanna, Independent Director to an office/place of profit of the Company
    Ordinary
    81.45% for18.55% against

    Against: promoters 0.00% · institutions 95.64% · other public 0.02%

    Turnout: all 61.74% · promoters 100.00% · institutions 61.17% · other public 5.01%

  10. Approval for increasing the borrowing powers of the Company under Section 180 (1) © of the Companies Act, 2013
    Special
    99.99% for0.01% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.29%

    Turnout: all 61.74% · promoters 100.00% · institutions 61.17% · other public 5.01%

  11. Approval for creation of charges, mortagages, hypothecation on the immovable and movable prperties of the Company under Section 180 (1) (a) of the Companies Act, 2013
    Special
    99.99% for0.01% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.29%

    Turnout: all 61.74% · promoters 100.00% · institutions 61.17% · other public 5.01%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Annual general meeting, 6 Sep 2019, 9 resolutions

Present: 4 promoters and 45 others.The company's voting result (opens in a new tab)

  1. Adoption of audited financial statements for the year ended 31st March, 2019 together with Auditors Report and Directors� Report thereon.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 55.32% · promoters 100.00% · institutions 47.07% · other public 1.41%

  2. To declare dividend
    OrdinaryPromoters have an interest in it
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 60.28% · promoters 100.00% · institutions 80.63% · other public 1.41%

  3. Re-appointment of Mr.G.S. Rathi (DIN:00083992) who retires by rotation.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.01%

    Turnout: all 60.28% · promoters 100.00% · institutions 80.63% · other public 1.41%

  4. Ratification of remuneration payable to Cost Auditors M/s. Narasimhamurthy & Co., for the financial year ended 31st March, 2020.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.01%

    Turnout: all 60.28% · promoters 100.00% · institutions 80.63% · other public 1.41%

  5. Approval of appointment of Mr T. Venkatesan (DIN: 00124050) as a Director of the Company.
    Ordinary
    99.99% for0.01% against

    Against: promoters 0.00% · institutions 0.04% · other public 0.01%

    Turnout: all 60.28% · promoters 100.00% · institutions 80.63% · other public 1.41%

  6. Approval of appointment of Mr T. Venkatesan (DIN: 00124050) as an Independent Director of the Company for a term of five years.
    Ordinary
    99.99% for0.01% against

    Against: promoters 0.00% · institutions 0.04% · other public 0.01%

    Turnout: all 60.28% · promoters 100.00% · institutions 80.63% · other public 1.41%

  7. Approval of re-appointment of Mr R.K. Khanna (DIN 05180042) as an Independent Director for the 2nd term of five years.
    Special
    99.99% for0.01% against

    Against: promoters 0.00% · institutions 0.04% · other public 0.00%

    Turnout: all 60.28% · promoters 100.00% · institutions 80.63% · other public 1.41%

  8. Approval of revision in the terms of remuneration payable to Mr V. Poyyamozhi (DIN 07887406), Whole-time Director.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.01%

    Turnout: all 60.28% · promoters 100.00% · institutions 80.63% · other public 1.40%

  9. Approval of re-appointment of Mr G.S. Rathi (DIN:00083992) as a Whole-time Director of the Company for a period of five years with effect from 1st July, 2020.
    Special
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 60.28% · promoters 100.00% · institutions 80.63% · other public 1.41%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

How mutual funds voted

Fund houses must disclose how they vote at every meeting of a company they hold.

Mutual fund votes, meeting of 9 Aug 2021, 1 fund house

  • Adoption of audited financial statements for the year ended 31st March, 2021 together with Auditors Report and Directors’ Report thereon.
    1 for0 against
  • Declaration of Dividend of Rs.6 (i.e.60%) per share on the Equity Shares of the Company for the Financial Year ended 31st March, 2021
    1 for0 against
  • Appointment of Mr Ashutosh Agarwal (DIN: 00115092), Director, who retires by rotation and being eligible, offers himself for re-appointment as a Director of the Company.
    Against Nippon India Mutual Fund
    • Nippon India Mutual FundMember of the Nomination and Remuneration Committee. Supported high commission to promoter Non-Executive Director
    0 for1 against
  • Ratification of remuneration payable to Cost Auditors M/s. Narasimhamurthy & Co., for the financial year ended 31st March, 2022
    1 for0 against
  • Approval of appointment of Dr. Mohua Banerjee (DIN: 08350348) as a Director of the Company.
    Against Nippon India Mutual Fund
    • Nippon India Mutual FundInsufficient Information
    0 for1 against
  • Approval of appointment of Dr. Mohua Banerjee (DIN: 08350348) as an Independent Director of the Company for a term of five years.
    Against Nippon India Mutual Fund
    • Nippon India Mutual FundInsufficient Information
    0 for1 against
  • Approval of remuneration/commission payable to Mrs Priya Manjari Todi (DIN: 01863690) for the FY 2020-21.
    Against Nippon India Mutual Fund
    • Nippon India Mutual FundRemuneration is high
    0 for1 against

Mutual fund votes, meeting of 16 Jun 2021, 1 fund house

  • Resolution for approval of Scheme of Amalgamation of Srikalahasthi Pipes Limited with Electrosteel Castings Limited and their respective shareholders and creditors on a going concern basis
    Against Nippon India Mutual Fund
    • Nippon India Mutual FundConsidering the share exchange ratio, dilution in earnings and inferior return ratios
    0 for1 against
2 earlier meetings

Mutual fund votes, meeting of 27 Jul 2020, 2 fund houses

  • Adoption of Audited Financial Statements for the FY 2019-20 and Auditors Report and Directors Report thereon.
    2 for0 against
  • Decleration of Dividend
    2 for0 against
  • Reappointment of Mrs Priya Manjari Todi who retires by rotaion.
    2 for0 against
  • Ratification of remuneration payable to Cost Auditors M/s Narasimhamurthy & Co
    2 for0 against
  • Approval of appointment of Mr. X.J. J. Abraham as a director
    2 for0 against
  • Approval of appointment of Mr X.J.J. Abraham as Indpendent Director
    2 for0 against
  • Approval of appointment of Mrs S. Hemamalini as independend director for the 2nd term of five years.
    2 for0 against
  • Approval remuneration and commission payble to Mrs Priya Manjari Todi for the FY 2019-20
    Against HSBC Mutual Fund, Nippon India Mutual Fund
    • HSBC Mutual FundA vote AGAINST this resolution is desired as this is a case of Non-Executive Director participating in incentive schemes, which should be dissuaded.
    • Nippon India Mutual FundRemuneration is significantly disproportionate to other NEDs
    0 for2 against
  • Approval of appoinment of Mr R.K. Khanna, Independent Director to an office/place of profit of the Company
    Against HSBC Mutual Fund, Nippon India Mutual Fund
    • HSBC Mutual FundA vote AGAINST this resolution is warranted as the nominee is a non-independent member of remuneration committee where less than half of the committee is independent.
    • Nippon India Mutual FundOffice of profit for an independent director results in a conflict of interest and undermines the role of an independent director
    0 for2 against
  • Approval for increasing the borrowing powers of the Company under Section 180 (1) © of the Companies Act, 2013
    2 for0 against
  • Approval for creation of charges, mortagages, hypothecation on the immovable and movable prperties of the Company under Section 180 (1) (a) of the Companies Act, 2013
    2 for0 against

Mutual fund votes, meeting of 6 Sep 2019, 3 fund houses

  • Adoption of audited financial statements for the year ended 31st March, 2019 together with Auditors Report and Directors� Report thereon.
    2 for0 against

    1 abstained

  • To declare dividend
    3 for0 against
  • Re-appointment of Mr.G.S. Rathi (DIN:00083992) who retires by rotation.
    3 for0 against
  • Ratification of remuneration payable to Cost Auditors M/s. Narasimhamurthy & Co., for the financial year ended 31st March, 2020.
    3 for0 against
  • Approval of appointment of Mr T. Venkatesan (DIN: 00124050) as a Director of the Company.
    3 for0 against
  • Approval of appointment of Mr T. Venkatesan (DIN: 00124050) as an Independent Director of the Company for a term of five years.
    3 for0 against
  • Approval of re-appointment of Mr R.K. Khanna (DIN 05180042) as an Independent Director for the 2nd term of five years.
    3 for0 against
  • Approval of revision in the terms of remuneration payable to Mr V. Poyyamozhi (DIN 07887406), Whole-time Director.
    3 for0 against
  • Approval of re-appointment of Mr G.S. Rathi (DIN:00083992) as a Whole-time Director of the Company for a period of five years with effect from 1st July, 2020.
    3 for0 against

Each fund house counted once, from its own disclosure; the reasons are its own words.