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drama in alembic board room as minority shareholders rise

Sohini Das  | 
Ahmedabad  July 24, 2017 Last Updated at 13:52 IST

minority shareholders challenge india cements merger plan at nclat

Reliance, BP to invest Rs 40,000 crore in KG block over 3 to 5 yearsBusiness StandardDelhi-based Aggarwals who own shares in subsidiary Trinetra cements have alleged undervaluationN Sundaresha Subramanian  June 16, 2017 Last Updated at 10:38 ISThttp://mybs.in/2UWVpAx

gmr infra gets shareholder nod to raise up to rs 2,500 cr via securities

GMR Infrastructure on Saturday said it has received shareholders' nod to raise up to Rs 2,500 crore through issuance of securities.The special resolution was approved by the shareholders at the company's 21st annual general meeting yesterday.In a BSE filing, the company said the proposal was approved by the shareholders as 95.94 votes were polled in favour.The shareholders also approved a special resolution for reappointment of G M Rao as Executive Chairman of the company.GMR Group is a leading global infrastructure conglomerate with interest in various sectors including airport, energy and transportation.Of the 15 power projects with the group, 10 are in operation and five are under development.

whole foods shareholders say yes to amazon deal

Whole Foods shareholders voted Wednesday to bless a $13.7 billion union with Amazon that the organic grocery chain's CEO had called "love at first sight."

centurylink, broomfield's level 3 shareholders approve merger

Shareholders for Broomfield's Level 3 Communications Inc. (NYSE: LVLT) and CenturyLink approved all proposals related to the $34 billion merger of the two companies.About 81 percent of CenturyLink shareholders supported the move at a Thursday meeting; nearly 99 percent of Level 3 did so.The closing of the transaction, expected at the end of September following regulatory approvals, will give Level 3 stockholders $26.50 per share in case and 1.43 shares of CenturyLink stock for each share of Level 3. Advertisement

nclt sets aside mistry plea to shift case to delhi bench

The National Company Law Tribunal today dismissed the plea of ousted Tata Sons chairman Cyrus Mistry seeking transfer of his case challenging the ouster to the New Delhi bench from Mumbai. The principal bench of the NCLT headed by Chairman Justice M M Kumar also imposed a cost of Rs 10 lakh on Mistry's two investment firms, which would be shared by both. The two companies -- Cyrus Investments Pvt Ltd and Sterling Investments Corporation Pvt Ltd -- had held that the Mumbai bench could have a cause of bias.Last month, the National Company Law Appellate Tribunal (NCLAT) had granted Mistry waiver in the minimum shareholding rule for him to file a case of alleged oppression of minority shareholders after observing "exceptional" and "compelling circumstances" in the entire episode. The Mistry fa

mylan shareholders hate how much money board of directors makes

Enlarge/ Heather Bresch, CEO of Mylan NV, refers to a chart while speaking during a House Oversight and Government Reform Committee hearing in Washington, DC on Wednesday, Sept. 21, 2016. Getty | BloombergShare this storyA whopping 83 percent of Mylan shareholders voted down the company’s astronomical executive compensation packages. But a majority of shareholders still supports most of the company’s beleaguered directors, according to fresh filings with the US Securities and Exchange Commission.Ars reported the general outcomes of the shareholder votes that took place last week at an annual meeting in Amsterdam. The vote was closely watched after a group of shareholders, disgruntled by the EpiPen pricing scandal and executive pay, began campaigning to reject executive pay plans and oust t

presstv-minority voters could sway 2017 elections

Amina TaylorPress TV, LondonA new analysis of the electorate data reveals that black and minority ethnic voters in the UK have the power to seriously influence the upcoming general elections. 96 of the top 200 marginal seats have Black and Minority Ethnic electorate, large enough to make a difference, with campaigners urging voters to press their prospective parliamentarians on their equalities credentials. Our correspondent, Amina Taylor has more in this report.

shareholders taking charge at akzonobel as takeover battle heats up

The battle for Amsterdam-based AkzoNobel is getting vicious, the Financieele Dagblad said on Wednesday.Ahead of AkzoNobel’s annual shareholders’ meeting on 19 April when the paints and coatings group is to present its strategy for the future, vulture venture capitalist Elliott Advisors is calling for supervisory board chairman Antony Burgmans to be ousted.Elliot holds 3.25% of Akzo shares but claims to represent shareholders with more than 10% of the stock. Akzo is locked in a battle with US-based PPG Industries which has made two hostile offers – the latest valuing the Dutch company at €23bn – and says it will not go away.AkzoNobel reacted angrily to Elliott’s proposal on Wednesday, saying in a statement ‘the removal of Burgmans would be irresponsible, disproportionate, damaging and not i

shareholders press companies for annual say-on-pay votes

Increasingly, shareholders of publicly traded companies want to be polled annually on whether they approve of the firm's executive pay package, an analysis of 2017 proxy season voting shows.Under the Dodd-Frank Act, publicly traded U.S. companies are required to hold an annual, biennial or triennial advisory shareholder vote on pay to top executives. The votes are nonbinding, but when a majority of shareholders vote against a company's compensation plan, the company typically responds by more tightly aligning pay with performance, compensation advisors say.In addition, under Dodd-Frank, public companies must poll shareholders once every six years on how frequently they wish to vote on say-on-pay: annually, every two years, or (at a minimum) every three years. In 2017, shareholders at 146 c

shareholders press companies for annual say-on-pay votes

Increasingly, shareholders of publicly traded companies want to be polled annually on whether they approve of the firm's executive pay package and companies are responding, an analysis of 2017 proxy season voting shows.Under the Dodd-Frank Act, publicly traded U.S. companies are required to hold an annual, biennial or triennial advisory shareholder vote on pay to top executives. The votes are nonbinding, but when a majority of shareholders vote against a company's compensation plan, the company typically responds by more tightly aligning pay with performance, compensation advisors say.In addition, under Dodd-Frank, public companies must poll shareholders once every six years on how frequently they wish to vote on say-on-pay: annually, every two years, or (at a minimum) every three years. "

shareholders fail to oust mylan board, but down-voted massive salaries

Enlarge/ Robert J. Coury of Mylan (L) and Mylan CEO Heather Bresch will remain on the board.Getty | Gilbert CarrasquilloShare this storyMylan shareholders today did not unseat the drug maker’s board of directors, despite calls for an ouster over the EpiPen pricing scandals and remarkably large executive salaries.In a vote during an annual meeting in Amsterdam, shareholders approved all incumbent nominees, including Chief Executive Heather Bresch, President Rajiv Malik, and Chairman Robert Coury, who earned a nearly $100 million salary last year amid intense backlash over EpiPen price hikes. The majority of shareholders did, however, reject such executive compensation plans—in a nonbinding vote.In recent weeks, a group of shareholders had campaigned to overthrow the board for what it called

schippers warns party leaders that a minority cabinet looms

Image of Dutch parliament. Photo: Sisyfus via WikimediaCoalition negotiator Edith Schippers told reporters on Thursday she had warned party leaders that the Netherlands may end up with a minority cabinet if none of them are prepared to move forward in the negotiations to form a new administration.This makes it crucial for the parties to take a step forward, Schippers said, adding that ‘it will not be simple, but it is necessary’. Without movement, the Netherlands may have a minority cabinet ‘and that is not what anyone wants,’ Schippers said.She will meet the leaders of all the parties represented in parliament again on Friday and has called on them all to ‘leave your comfort zone’Talks on two different coalition combinations have failed so far. The Netherlands has had a caretaker governme

banks warn everyday australians will pay cost of new levy

The Turnbull government says the big five banks can afford to help the nation's budget, without passing on to clients - but banks disagree. Australian Banking Association CEO, Anna Bligh, says Australians will pay for the new levy on big banks regardless. "The treasurer is prosecuting a view out there that somehow this can be absorbed by banks, no organisation can absorb a tax," Ms Bligh said on Wednesday morning."A tax has to be paid and it can only come from one of three places: it either comes from savers, or from borrowers or from shareholders."The share prices of the big five banks fell by almost $14 billion on Monday after speculation there would be a new banking tax in Tuesday's budget.Question Time: Turnbull and Shorten on bank levyMs Bligh said this was a big blow to shareholders

rio tinto posts $4.95 billion profit, outlines 'superior returns' for shareholde

Mining giant Rio Tinto will pay a record interim dividend to shareholders after announcing strong underlying earnings of $US3.94 billion ($A4.95 billion) for the half year.The cash returns to shareholders of $US3 billion include the record interim dividend of $US1.10 per share which is fully franked and payable next month. Rio will also conduct a further $US1 billion share buyback from investors in its British listing, to be completed before the end of the year.
Autonomous Haulage Trucks at the West Angelas mine. Photo: Christian Sprogoe PhotographyRio Tinto's results were released shortly after the Australian market closed on Wednesday. The mining giant, which produces more iron ore than any other Australian miner, has about 200,000 Australian shareholders.Other highlights from the resu

less regulation, not removal of minority status, will improve universities

Cancelling minority status of two universities will do little to help regulate institutions or improve the quality of higher education in India, when the problem lies with the regulatory system–consisting of at least eight central-level bodies, some of which are inefficient while others have been investigated for corruption.
The union government is opposing the minority status of two universities funded by the taxpayer: It indicated it will soon withdraw its support for Jamia Millia Islamia’s minority status (the case is ongoing in the Delhi High Court), as it did for Aligarh Muslim University (AMU) in the Supreme Court in July 2016, arguing that these universities were established by Acts of Parliament and not by Muslims.
The government has chosen to cancel the minority status of these

after finally meeting with ppg, akzonobel rejects us rival's third offer

Photo: AkzoNobelAmsterdam-based paints and coatings group AkzoNobel has rejected the third takeover bid by its US peer PPG Industries, the Financieele Dagblad reported on Monday.After refusing to meet with PPG since the US company’s first offer in early March, executives of the two companies finally sat down together on Saturday to discuss the proposal.Later, AkzoNobel said PPG’s €26.9bn offer was too low and ‘failed to reflect the true current and future value of the company’. AkzoNobel argues that its own plan to split off the specialty chemicals unit offers shareholders more value.PPG CEO Michael McGarry told the FD earlier that should AkzoNobel turn down PPG’s ‘friendly’ offer, the US company would launch a hostile bid.This means that PPG would approach AkzoNobel shareholders – nearly

morrisons shareholders rebel over pay, ba fiasco to cost £80m, bank of england

A protest vote has seen more than half of Morrisons shareholders refuse to back the supermarket’s bosses’ pay package. At the retailer’s annual shareholder meeting at its HQ in Bradford yesterday, investors representing 48% of its shares voted against the remuneration report, rising to 51% with abstentions. The Guardian says if Morrisons wants investors to back the report, it "shouldn’t annoy them with a [salary] top-up that looks greedy".

banks warn everyday australians will pay cost of new levy

The Turnbull government says the big five banks can afford to help the nation's budget, without passing on to clients - but banks disagree. Australian Banking Association CEO, Anna Bligh, says Australians will pay for the new levy on big banks regardless. "The treasurer is prosecuting a view out there that somehow this can be absorbed by banks, no organisation can absorb a tax," Ms Bligh said on Wednesday morning."A tax has to be paid and it can only come from one of three places: it either comes from savers, or from borrowers or from shareholders."The share prices of the big five banks fell by almost $14 billion on Monday after speculation there would be a new banking tax in Tuesday's budget.Related readingBanks' anger at surprise budget levy slugThe banking industry is warning a surprise

millner family ties 'run deep' at brickworks and soul patts

The Millner family regard Brickworks and Washington H. Soul Pattinson as family companies and their cross shareholdings in each amount to "ghost equity", the Federal Court has heard.In the first day of the case before Justice Jagot in Sydney, it was suggested that a nil premium merger would unlock $454 million for shareholders of both companies.
Robert Millner is chairman of Brickworks and Soul Patts. Photo: Peter BraigBrickworks and Soul Patts, the court was told, also went to great lengths to block the nomination of an independent director, Robert Fraser, to the Soul Patts board in 2011 including attacking the performance of Perpetual's funds.Investor Perpetual backed Mr Fraser's appointment but the nominee was ultimately unsuccessful.Tony Bannon, SC, representing Perpetual, argued tha

no change in buyback plans, says infosys

Infosys today said there is no change in its buyback plans, under which it could return as much as Rs 13,000 crore to its shareholders.The board of the embattled company - which saw its CEO Vishal Sikka step down today amid founders alleging corporate governance lapses - is scheduled to meet tomorrow to consider the buyback proposal."There is no change in buyback plans. We have made a commitment on how much and when to return cash to shareholders," Infosys board Chairman R Seshasayee said at a conference.The share buyback -- which will be the first in the company's 36-year history -- has been a long-standing demand by some of the founders and high-profile former executives, who have been pushing Infosys to return surplus capital to its shareholders."None of the things that have been set in

ppg launches charm offensive to woo dutch investors in akzonobel

Photo: Akzo NobelPPG Industries CEO Michael McGarry arrived in Amsterdam on Thursday as part of a campaign to win support from Dutch institutional investors and local media to support its bid for Dutch coatings and and paints rival AkzoNobel.McGarry also hopes to meet the AkzoNobel board during his stay to convince it of the advantages of a merger, the Financieele Dagblad said on Thursday.AkzoNobel rejected PPG’s second sweetened offer made earlier this week which valued the Dutch company at €24.5bn. AkzoNobel said the offer significantly undervalued the company and would result in complaints from competition authorities around the world and job losses in the Netherlands.Several large shareholders said on Wednesday they were disappointed  that AkzoNobel has rejected PPG’s second offer.Hedg

big payout for shell and exxonmobil from nam holding

Shell and ExxonMobil, the two shareholders in Dutch gas production company NAM, split €496m in dividend payments in 2016. This was revealed in NAM’s first-ever published annual report on Friday, the Financieele Dagblad said.This marked the first time that it was made clear just how much the two oil giants earn from gas production in the Netherlands. NAM reported net revenues of €3.4bn in 2016. But NAM released no comparable profit and sales figures for previous years.NAM’s profit is determined after a payment of about €3bn to the Dutch government. Only a small portion of the earnings is used to strengthen its buffers, and shareholders’ equity is only €197m on a balance sheet total of €5bn. NAM’s solvency is below 4%, extraordinarily low by international standards, the FD said.That is more

airbnb and naacp partner to boost minority-hosted rentals

In addition to helping minority communities list their homes via the service, Airbnb will give 20 percent of what it makes from this to the NAACP. From there, the social justice organization will work with Airbnb to improve its workforce diversity and ensure that there are plenty of minority-listed homes.The NAACP stresses that the money Airbnb shares won't affect host pay-outs, and that even more news will be shared about the initiative in the near future. Now, this isn't the direct result of the awful sub-letter, Airbnb has been pushing for diversity amongst its hosts. Last year, the company started requiring that hosts agree to anti-discrimination clauses after discovering that racism skewed rentals.

rio tinto posts $4.14 billion profit

Mining giant Rio Tinto has delivered net earnings of $US3.3 billion ($A4.14 billion) and pledged to return $US3 billion to shareholders.Rio's results were released shortly after the Australian market closed on Wednesday and it also announced an interim fully franked dividend of $A1.3772.
Autonomous Haulage Trucks at the West Angelas mine. Photo: Christian Sprogoe PhotographyThe mining giant, which produces more iron ore than any other Australian miner, has about 200,000 Australian shareholders.Other highlights from the results included underlying profit of $US9.04 billion before tax, depreciation and amortisation and a fall in Rio's net debt to $US7.6 billion."Today we have announced total cash returns to shareholders of $3 billion. By driving performance, focusing on cash and allocating

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