 "Corporate governance, Shareholders")
Shareholders of Majestic Auto Ltd have rejected re-appointment of Aashima Munjal, daughter of the company's Chairman and Managing Director Mahesh Munjal, as a Wholetime Director and Joint Managing Director for a period of five years, according to a regulatory filing by the firm.
The company, which is now into real estate and facility management services having transitioned from being a moped and auto components maker, had sought re-appointment of Aashima Munjal as a Wholetime Director and Joint Managing Director as her tenure expired on September 30, 2021.
Majestic Auto had sought nod from the shareholders at its AGM held on November 29, 2021 for her reappointment with effect from October 1, 2021 for a period of five years till September 30, 2026, without remuneration.
However, in a regulatory filing the company said the ordinary resolution for her re-appointment was rejected with 91.07 per cent of votes against the proposal and only 8.93 per cent in favour.
Aashima Munjal had joined Majestic Auto on August 14, 2010 as Director. She is also Managing Director of Majestic IT Services Ltd, a wholly owned subsidiary.
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The shareholders have, however, approved the re-appointment and remuneration of its CMD Mahesh Munjal for a period of three years with effect from October 29, 2021 through a special resolution.
Also, the reappointment of Aayush Munjal, son of Mahesh Munjal, as Wholetime Director and designate him as Joint Managing Director for a period of 5 years from August 14, 2021, was approved by the shareholders.
Earlier in this year, a requisition from shareholders including promoters on March, 10, 2021 to hold extraordinary general meeting (EGM) for appointment of Anil Thapar, Sanjeev Krishna Sharma and Yogendra Kumar Gupta as independent directors, was rejected as four directors, including Aashima Munjal voted against calling the EGM.
However, three directors namely Mahesh Munjal, Anil Sharma and Aayush Munjal had voted in favour of calling the EGM.
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