New Delhi, March 10 -- Hyundai Motor India Ltd's proposals to buy goods and services in excess of Rs.31,000 crore during next fiscal year from related companies, which could be more than half the purchases it made in the previous financial year, have divided two of the country's leading proxy advisory firms.
Stakeholders Empowerment Services (SES) and Institutional Investor Advisory Services (IiAS), both based in Mumbai, have put out contrasting notes on Hyundai's resolutions for dealing with seven related companies.
While SES has asked shareholders to vote against 6 out of the 7 resolutions, saying that through the proposed deals, Hyundai Motor India may end up transferring its potential profits to firms linked with its promoters, IiAS d...