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4 - Shareholder Engagement and Voting in India

from Part I - Asia

Published online by Cambridge University Press:  10 September 2022

By
Harpreet Kaur
Edited by
Harpreet Kaur ,
Chao Xi ,
Christoph Van der Elst  and
Anne Lafarre
Harpreet Kaur
Affiliation:
National Law University Delhi
Chao Xi
Affiliation:
The Chinese University of Hong Kong
Christoph Van der Elst
Affiliation:
Tilburg University, The Netherlands
Anne Lafarre
Affiliation:
Tilburg University, The Netherlands
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Summary

Concentrated ownership, role played by promoters in companies and their cross shareholdings in group companies raise concerns about shareholder engagement and voting in Indian companies. The Companies Act, 2013 along with regulations of the Securities and Exchange Board of India is believed to have expanded the rights of shareholders. A pilot study for writing this chapter has been conducted to assess the shareholders engagement and voting pattern in Nifty 50 companies listed on National Stock Exchange, India. The Companies Act allocates powers to shareholders and company boards, but shareholders’ supremacy is reflected in general meetings of the company. The chapter has covered different types of shares ranging from simplest one share one vote to shares with differential voting rights and superior voting rights along with other rights of shareholders in general meetings. Impact on voting pattern during virtual meetings allowed during pandemic have also been observed in the chapter.

Keywords

OwnershipDifferential Voting RightsSuperior Voting RightsNifty 50PromotersReclassification of promotersShareholder EngagementShareholder supremacy
Type
Chapter
Information
The Cambridge Handbook of Shareholder Engagement and Voting , pp. 62 - 85
Publisher: Cambridge University Press
Print publication year: 2022

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