MCX shareholders reject resolution on board directors

Shareholders of the country's largest commodity exchange, MCX, have rejected a special resolution to amend a clause in articles of association dealing in number of directors in the firm.
At its meeting on August 8 this year, the board had decided that its strength should not exceed 14 members, excluding MD & CEO, and accordingly, necessary modifications should be made in the Articles of Association (AoA) of the company.
At its annual general meeting (AGM) notice, MCX had sought shareholders' approval for making necessary changes in the clause related to the number of directors on the board.
MCX had proposed that the total strength of the board should have 15 members, including MD & CEO/Whole-Time directors. Any increase in the number of directors beyond 15 should require shareholder approval through a special resolution.

In a regulatory filing, the commodity bourse today said the resolution regarding amendment in clause related to the number of directors on the board in the article of association "was not passed with requisite majority".
Out of the total votes polled for the resolution, 52.34 per cent were in favour and 47.66 per cent were against it, the filing added.
Meanwhile, the shareholders also did not approve another resolution related to some modification in Employee Stock Option Scheme (ESOP-2008).