TVS Motor is down nearly 2% at Rs 41.20 as proxy advisory firm Institutional Investors Advisory Services (IIAS) has opposed the proposed appointment of Sudarshan Venu, 24, to the board of directors of the Chennai-based company.
The company is seeking shareholders’ nod to appoint Sudarshan a whole-time director for five years from February and fix his remuneration. The special resolution is a Companies Act requirement for companies appointing people below the 25 to the board.
The stock opened at Rs 41.75 and touched a low of Rs 40.80 and a high of Rs 42 in trades thus far. A combined two lakh shares were traded on the BSE and NSE.
