Promoters nix Hinduja Global's stock rights plan

Voted almost entirely against management's resolution, while most public shareholders supported it

In a rare move, the promoters of Hinduja Global Solutions, the group's information technology and business process outsourcing arm, have voted against the employee stock appreciation rights (ESAR) plan.

Such decisions by promoters against management proposals are rare, raising questions around the rationale and whether the management and the promoters are not on the same page. A HGS spokesperson declined to offer any comment in this regard.

The total of votes polled were 52.68 per cent of the total. Of these, 65 per cent of the promoter shareholders took part; the others did not vote. Among non-promoters, only 26 per cent voted.