Proxy firm asks shareholders to vote against Prabhat's sale of dairy biz

The proxy advisory firm has highlighted that Sunfresh Agro and dairy business of Prabhat collectively account for 98.4% of its consolidated revenues

Proxy advisory firm Stakeholders Empowerment Services (SES) has recommended that shareholders vote against Prabhat Dairy’s resolutions related to the sale of the dairy business.

The extraordinary general meeting (EGM) to vote on the resolution to sell Sunfresh Agro Industries (Prabhat’s subsidiary that runs the milk processing business) to Tirumala Milk Products (fully owned by France’s Groupe Lactalis) will be held on March 26.

SES has raised governance concerns over the transaction citing that Prabhat has not disclosed the valuation report and has not provided clarity on its future plans.

The proxy advisory firm has highlighted that Sunfresh Agro and dairy business