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Nita Ambani's maiden tryst with EIH shareholders on August 7

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Ms Nita Ambani
Ms Nita Ambani

Ms Nita Mukesh Ambani will have her maiden tryst with shareholders of EIH Ltd on August 7.

The Chairperson of Reliance Foundation, Dhirubhai Ambani School and IMG Reliance, joined the EIH board on October 31, last year, and has attended two board meetings so far, according to the EIH annual report.

The 62nd AGM here will, however, need to ratify her appointment as an additional director of the company. The appointment of Mr Manoj Harjivandas Modi, the other Reliance group nominee on the EIH board, has also been placed for approval.

The AGM notice said that the company received proposals from shareholders in favour of Ms Ambani, Mr Modi, Ms Renu Sud Karnad and Mr Robert Henry Burns as regular directors at the forthcoming AGM.

The proposal for reappointment of Mr Oberoi as Executive Chairman for a fresh term of five years and Mr. S.S. Mukherji as Vice-Chairman for five years beginning June 27 will also be taken up for shareholders’ nod. The EIH Directors also recommend reappointment of Mr Vikram Oberoi and Mr Anil Nehru as Directors.

Induction of Reliance nominees on the EIH board marked active role by an investor in the non-promoter category. However, ITC Ltd continues to be a passive minority investor holding 14.98 per cent in EIH.

In March, Reliance Industries Investments and Holding Pvt Ltd raised its stake in EIH to 18.53 per cent from sub-15 per cent (14.8 per cent) through market purchases. It bought a total of 3.72 per cent stake in EIH of the Analjit Singh group outfits — Pivet Finances Ltd and Gaylord Impex Ltd — through bulk deals.

Among the institutional investors in EIH are LIC (6.08 per cent), New India Assurance (2.06 per cent), GIC (1.79 per cent) and HSCBC (Mauritius) Ltd (1 per cent). Promoters hold 35.23 per cent, up from 34.37 per cent on June 30 last year.

The Rs 2 stock of EIH, which hit its year-high on March 3 at Rs 103 on news of Reliance’s stake hike, on Monday finished at Rs 81.50, down 1.69 per cent, on the BSE.

jayanta.mallick@thehindu.co.in

(This article was published on July 16, 2012)
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