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Our Bureau

Chennai, Oct. 10 Orient Express Hotels Ltd, the luxury hotel chain, today said that resolutions proposed by “two dissident shareholders” were defeated.

The resolutions were to convert Class B common shares into treasury shares, which would have resulted in higher voting rights for these shareholders, in proportion to their holding in the company.

In a press release posted on its Web site, the company said that the “resolutions proposed by the dissidents were defeated.”

The company held a special general meeting today to consider the resolutions proposed by two hedge funds, DE Shaw and CR Intrinsic.

Indian Hotels Company Ltd, a Tata group enterprise, holds an 11.5 per cent stake in Orient Express Hotels Ltd.

Indian Hotels had tried to take over Orient Express Hotels, which move was rebuffed by the latter.

If the resolutions proposed at today’s special general meeting had been approved, the voting rights of shareholders such as Indian Hotels would have increased in proportion to their shareholding. Indian Hotels Company’s shareholding translated into voting rights of about two per cent.

Earlier, Orient Express Hotels’ management had urged its shareholders to vote against the resolutions.

In the release today, the company said, “it remains the opinion of the company that this meeting was contrary to the best interests of the company and its shareholders and caused unnecessary expense to the company.”

The meeting was called to consider a proposal that the company amend its by-laws to treat its Class B common shares as “treasury shares” under Bermuda law, which would have resulted in the Class B common shares held by Orient Express Holdings Ltd losing their super voting rights.

Orient Express Hotels is a hotel and travel company focussing on the luxury segment.

It has 51 properties across the world.

More Stories on : Announcements | Hotels

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