Shareholder voice fails to echo...

"In India, promoters in many companies have 51% ownership or above, which often tilts the scale in their favour during the voting process," Amit Tandon, founder and MD, IiAS, said.

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"Low dissent also underscores cautious stewardship on the part of institutional shareholders, which is not the case in markets such as the US and the UK. Companies there are professionally run and institutionally owned, which means they have a larger share of voice in the voting process," Tandon says.

In the case of Zee, both IiAS and InGovern advised shareholders to vote against the proposed capital infusion, citing corporate governance issues, ample cash on books and other fundraising avenues such as a rights issue available for the board to consider. Institutional shareholders took note of this. This resolution saw institutional dissent of 52.22%, the voting outcome showed. The special resolution failed to secure the requisite 75% majority.