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Institutions must vote at EGMs: Rao
MUMBAI, Dec. 19 -- Domestic financial institutions and insurance firms must vote at the extraordinary general meetings (EGM) of the Tata group as they are answerable to their shareholders, said former GIC MD and financial services veteran U Mahesh Rao.
Rao, 78, who was also on the board of various Tata group companies for several years, said the recent abstention by LIC and other institutions at the EGM of TCS reminded one of the corporate battle between UK's BAT and ITC.
At the TCS EGM, LIC, which owns little more than 3%, didn't vote on the resolution to replace former chairman Cyrus Mistry.
Rao said although promoters Tata Sons own about 73.33% in TCS, a stance by institutions sends out a strong message.
Incidentally, shareholder advisor...
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