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In its 60th Annual General Meeting, Nestlé India said all resolutions including the one for continuity of royalty payments were approved with an overwhelming majority.
Nestle India will pay 4.5 per cent of its net sales as royalty to its Swiss parent.
In a statement, Suresh Narayanan, Chairman and Managing Director, Nestlé India said that the shareholders have shown faith in management’s ability to deliver long term shareholder value.
The FMCG major had earlier this month said that after receiving feedback from investors, it had modified its resolution pertaining to royalty payments . It had said that though General Licensing Agreements are reviewed periodically by the Audit Committee, the resolution was modified to provide for shareholder approval every five years in accordance with applicable laws and regulations.
The resolution did not propose any revision in rates of royalty payment.
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