The annual general meeting of Cyient, formerly Infotech Enterprises, has rejected a special resolution that sought a nod for awarding a remuneration of ₹2 crore to BVR Mohan Reddy, the company’s founder who stepped down as Executive Chairman during 2020-21.
On the recommendation of the company’s Remuneration Committee, the board of directors approved a remuneration of ₹2 crore to Mohan Reddy, a non-executive director on the board, at a meeting held on April 22.
At the AGM held on June 17, the shareholders turned down the proposal. While 70.62 per cent of the votes polled favoured the move, 29.37 per cent of the voters opposed it. A special resolution required 75 per cent of the votes for ratification.
The AGM gave the go-ahead for a final dividend of ₹17 a share with a face value of ₹5 each.
Besides accepting a proposal to make Karthikeyan Natarajan and Ajay Aggarwal directors on the board, the shareholders have voted in favour of proposals to appoint them as Executive Director Chief Operating Officer; and Executive Director and Chief Financial Officer of the company.