The shareholders of Balaji Telefilms have rejected a proposal to hike the remunerations of Managing Director Shobha Kapoor and Joint Managing Director Ekta Kapoor in the recently concluded AGM.
The two extraordinary proposals for the hike in remuneration could not get required approval from the shareholders in the annual general meeting of the company held on August 31, 2021.
According to a regulatory filing, both proposals "have not been passed as the votes cast against the resolution are more than those cast in favour of the resolution".
However, it passed the other extraordinary proposal to appoint as Non-Executive Independent Director of the Company for a term of five consecutive years with effect from February 11, 2021, it added.
As per the rules, such extraordinary proposals need approval by 75 per cent of votes in the AGM.
The proposal to approve the payment of remuneration to Shobha Kapoor, Managing Director of Balaji Telefilms, for a further period of two years with effect from November 10, 2021, got only 43.23 per cent votes and 56.76 per cent voted against it.
While the proposal for a salary increase for its Joint Managing Director Ekta Kapoor received 44.54 per cent votes in favour and 55.45 per cent votes went against it.
Meanwhile, the third extraordinary proposal for the appointment of Jason Kothari was approved by 99.77 per cent votes.
According to the latest annual report of the company Shobha Kapoor, wife of actor Jeetendra, has received a total remuneration of Rs 2.09 crore, which includes a salary of Rs 1.95 crore along with a prerequisite of Rs 7.62 lakh.
Billionaire Mukesh Ambani-led Reliance Industries Ltd owns a 24.91 per cent share in the company.