Balaji Telefilms’ shareholders rejected proposals on salary to be paid to managing director Shobha Kapoor, and joint managing director Ekta Kapoor. The two have been drawing salaries of Rs. 2.40 crore each, along with perquisites. However, the resolutions for the same salary failed to be passed at the annual shareholders’ meeting held on 31st August this year. Of course, a very small percentage of the public shareholders vetoed the proposal but that sealed the fate of the salary resolutions.
The promoters (who hold 34.34% of the company shares) did not vote. The public holds the balance 65.66%. Of the 65.66%, foreign portfolio investors hold 18.43%, Reliance Industries Ltd. has a 24.9% stake, and retail shareholders hold 12% stake. Like the promoters, the institutional shareholders and RIL also refrained from voting. Of the total shares, only 0.21% got voted. Of the total votes cast, a little more than 50% were against the salary proposals. Being special resolutions, the two remuneration proposals needed at least 75% of the votes cast to be in favour.