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Kalyani Group co small shareholders reject related party transactions
Mint Mumbai
|December 18, 2024
The minority shareholders of the Kalyani Group firm Automotive Axles Ltd (AAL) have rejected related party transactions with Meritor HVS India Ltd (MHVSIL), potentially disrupting its operations.
This decision was influenced by concerns raised by proxy advisory firms about transparency and potential erosion of shareholder value.
Supply to MHVSIL constitutes nearly 80% of the sales of AAL, a manufacturer of axles, suspensions and brake assembly. MHVSIL distributes these components to automotive companies. The rejection of the proposal could disrupt AAL's operations and impact its future growth.
The company will now need to explore alternative arrangements to ensure smooth supply of components to customers. Keeping distribution in a separate firm was depriving minority shareholders of AAL of the margins earned from the sale of these components, said proxy advisor Institutional Investor Advisory Services India Ltd (IIAS).
Cette histoire est tirée de l'édition December 18, 2024 de Mint Mumbai.
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