CALCUTTA, August 12: The Shaw Wallace & Co management emerged victorious with 10 out of the 11 resolutions proposed by the company at its annual general meeting and extra-ordinary general meeting on August 8, being passed by a significant majority in the voting which took place on Sunday.One of the resolutions, which was proposed by a minority shareholder for directorship on the board of the company, was rejected as expected. Barring the first two resolutions - pertaining to adoption of the accounts and re-appointment of M R Chhabria - the rest of the resolutions were passed with more than 99 per cent majority, said company sources.In the first two resolutions, the financial institutions (FIs), which hold a stake of 25.93 per cent in the company, voted against the motion. Sources said that these two resolutions were carried by a majority of about 67 per cent of the total votes polled. The FIs refrained from casting their votes in the rest of the resolutions.Incidentally, the first two were simple resolutions and as such required only a simple majority to be passed. A special resolution would require 75 per cent majority from those present and voting. There were four special resolutions.Significantly, Kishore Chhabria - M R Chhabria's younger brother - who holds an 11 per cent stake in the company, also abstained from voting in any of the resolutions.Those who voted for M R Chhabria included R G Shaw (22.4 per cent), Shaw Darby (5.92 per cent), Shaw Scotts (6.05 per cent) and Thames Rice Milling Co Ltd (4.71 per cent).They make up 39.03 per cent of the total stakeholding. M R Chhabria also holds shares through outsiders so that his hold on the company is nearly 50 per cent.
