Shareholders of pharmaceuticals and crop protection firm Hikal Ltd have approved all resolutions, including the reappointment of Sugandha Hiremath on the board.
Hikal Ltd shareholders approved all resolutions, including the reappointment of Sugandha Hiremath to the board, with 56.87% votes in favour. The company is currently experiencing a dispute between two promoter groups—Hiremath and Baba N. Kalyani, who are engaged in litigation over ownership
Shareholders of pharmaceuticals and crop protection firm Hikal Ltd have approved all resolutions, including the reappointment of Sugandha Hiremath on the board.
The ordinary proposal seeking shareholders' nod for reappointment of Sugandha Hiremath received 56.87 per cent of the total votes polled, while 43.12 per cent votes went against the proposal, according to the scruitniser report filed on the bourses by Hikal.
About 50.6 per cent votes from the promoter and promoter group supported the resolution for Hiremath's re-appointment, while 49.4 per cent votes were polled against the resolution, it said.
While 97.72 per cent and 99.95 per cent votes from public institutions and public- non institutions supported Hiremath's re-appointment, the scruitniser report added.
Besides, the shareholders also approved the resolutions for annual financial statement, interim dividend, reappointment of chartered accountant and a special resolution to appoint Shrikrishna K Adivarekar as an independent director for a further term of five years.
According to the notice, Sugandha Hiremath, retires by rotation. However, the board recommended for "re-appointment of Mrs Sugandha Hiremath as director of the company".
Hikal is in the midst of a battle between two promoter groups -- the Hiremaths who own 34.84 per cent stake and Baba N Kalyani-led side that holds 34.01 per cent of the company. Minority shareholders own 31.15 per cent.
Kalyani family siblings, including Bharat Forge Chairman Baba Kalyani, Gaurishankar Kalyani, and his sister Sugandha Hiremath are engaged in litigations.
Earlier in December last year, Hikal shareholders had rejected a special resolution seeking continuation of Baba N Kalyani as a director of the firm after he attained 75 years of age on January 7, 2024.
Baba Kalyani is locked in a battle with his sister Sugandha Hiremath for the ownership of Hikal.