Shareholders of ITChave approved all the 14 proposals including that of reappointment of Sanjiv Puri as a Director and also as the Managing Director & Chairman of the Company with effect from July 22, 2024, for a period of five years.
In a notice to the stock exchanges, the FMCG major said that it has received approval for all proposals with requisite majority.
Meanwhile, the board of ITC will meet on Monday to consider first quarter results for FY24, and demerger of hotel business.
The proposal to re-appoint Sanjiv Puri as Director, as well as MD and Chairman, has received 96.74 per cent votes in favour, as both institutions and non-institutional investors supported the proposal.
The other special resolutions for reappointment were approved at AGM including for Anand Nayak and Ajit Kumar Seth as directors and also as independent directors for a period of five years with effect from July 13, 2024; Hemant Malik was appointed as a whole-time director for three years; and Alka Marezban Bharucha as independent director for five years, with effect from August 12.
At the 112th AGM, CMD Sanjiv Puri elaborated on the group’s future plans.
On the proposal to demerge the list the company’s hotels business, Sanjiv Puri said in the AGM that the continued interest of ITC in the new entity will provide long term stability and install a sense of assurance among parterres, employees and investors. The proposed reorganisation will enable the business to architect the next horizon of growth as a pure-play hotels entity with a strong balance sheet and healthy pipeline, especially when the industry is poised for robust growth, he said.
On the FMCG business, Puri said: “In a relatively short span of time, your company has built a portfolio of 25-plus vibrant brands in the FMCG Businesses that represent an annual consumer spend of ₹29,000 crore. It is a source of immense satisfaction that 2 of our flagship brands are already in the league of over ₹5,000 crore, whilst 5 more brands have touched spends between ₹1,000 crore and ₹4,000 crore,” he said.
ITC Infotech has made ‘encouraging’ progress in recent years and is dialling up investments to be future-ready. The company continues to play a pivotal role in enabling clients to accelerate digital transformation, optimise costs and enhance operational efficiencies, he added.